Spring Health
From Wikipedia, the free encyclopedia
- April Koh
- Adam Chekroud
- Abhishek Chandra
| Industry | Psychotherapy |
|---|---|
| Founded | 2016 |
| Founders |
|
| Headquarters | New York, U.S. |
Area served | Worldwide |
| Services | Employee assistance program |
| Website | www |
Spring Health is an American digital mental health company that provides employee assistance programs and mental health benefits for employers and health plans.[1][2] Founded in 2016 and based in New York City, Spring Health offers services such as app-based cognitive exercises, coaching, therapy, and psychiatry, which are tailored to individuals using machine-learning algorithms.[1][3] The company has become one of the highest-valued mental health startups, reaching a unicorn status with a $2 billion valuation by 2021[1] and $3.3 billion by 2024.[3]
Spring Health was founded in 2016 by April Koh and Adam Chekroud, along with Abhishek Chandra as an early co-founder.[4] Koh conceived the idea while an undergraduate at Yale University, after witnessing challenges in accessing timely mental health care. She connected with Chekroud, a Yale PhD whose research demonstrated that machine learning could improve matching patients to effective treatments.[5] The Spring Health concept won Yale’s Thorne Prize for Social Innovation in 2016, providing seed funding for the venture.[6][7]
In its early years, Spring Health raised several rounds of venture capital. It secured $6 million in seed funding by 2018 to grow its platform.[7]
In September 2021, Spring Health closed a $190 million Series C financing led by Kinnevik, which valued the company at about $2 billion.[1] This valuation made CEO April Koh, then 29, the youngest woman to lead a multibillion-dollar startup at that time.[8] The Series C also included strategic investment from Guardian Life Insurance to integrate Spring Health’s services into insurance offerings.[1]
In 2023, Spring Health raised an additional $71 million in funding at a $2.5 billion valuation to further grow the business.[9]