Spring Health company profile: valuation, funding & revenue

This Spring Health company profile covers the company's valuation, revenue, funding rounds, investors and history. Spring Health works in healthcare, with a focus on mental health benefits for employers. It was founded in 2016 and is headquartered in New York, New York, United States. Its latest valuation on record is US$3.3 billion (July 2024). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.

Revenue

Funding history

Spring Health timeline

Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.

• 2016 — Spring Health is founded in New York by April Koh (CEO) and Adam Chekroud.
• 2021 — Series C: US$190M, valuing the company at US$2B. Investors: Kinnevik, Tiger Global.
• Apr 2023 — Series D: US$71M, valuing the company at US$2.5B.
• Jul 2024 — Series E: US$100M, valuing the company at US$3.3B. Investors: Generation Investment Management (lead); RRE, William K. Warren Foundation, Northzone, Kinnevik.
• July 2024 — Total funding: More than US$470 million.

Investors

Overview

Spring Health provides mental health care as an employee benefit. Employers pay Spring Health to give their workers and families fast access to therapy, psychiatry, coaching, digital exercises and support for issues such as stress, anxiety, depression, substance use and burnout. The service is designed to get people to the right type of care quickly, usually within days rather than the weeks or months common in traditional mental health systems. Spring Health also sells to health plans, extending its services to insurance members.

April Koh, the CEO, and Adam Chekroud founded Spring Health in New York in 2016. Both met as students at Yale, where Chekroud researched using machine learning to predict which depression treatments would work best for individual patients. That research is at the heart of Spring Health's "precision mental health" model: using data to match people with the most effective care for them, rather than relying on trial and error. Koh became one of the youngest women to lead a company valued at more than US$1 billion.

How Spring Health works

• Assessment: members complete a short online assessment that screens for conditions and measures severity.
• Matching: Spring Health's algorithm recommends a care pathway, such as self-guided exercises, coaching, therapy or psychiatric care, and matches members with a provider from its network.
• Care navigators: licensed clinicians guide members through the process and adjust care if needed.
• Provider network: a large network of therapists and psychiatrists offering video and in-person appointments, typically available within days.
• Measurement: members' symptoms are tracked over time to check whether care is working.

Customers

Spring Health serves large employers across industries, including well-known technology, financial services and retail companies, as well as health plans. It operates in many countries, supporting global companies that want consistent mental health benefits for employees worldwide. The company says it measures outcomes such as symptom improvement, productivity and healthcare cost savings, and offers employers guarantees on certain results.

Funding

Spring Health raised a US$190 million Series C in 2021 at a US$2 billion valuation, led by Kinnevik and Tiger Global, and a US$71 million Series D in April 2023 at US$2.5 billion. In July 2024 it raised a US$100 million Series E at US$3.3 billion, led by Generation Investment Management, the sustainable investment firm co-founded by former US vice president Al Gore, with existing investors RRE, the William K. Warren Foundation, Northzone and Kinnevik. Total funding exceeds US$470 million. We haven't found a later priced round, so the data above uses the 2024 figure.

Business model

Employers typically pay a per-employee fee for access, plus usage-based fees when employees use therapy or psychiatry sessions. Some contracts include outcome-based pricing. Spring Health hasn't published revenue figures, so we show revenue as not disclosed.

Competition

Spring Health competes with Lyra Health, its largest direct rival; Headspace (which merged with Ginger); Modern Health; Talkspace; and traditional employee assistance programmes. Health insurers also offer mental health networks. Spring Health's differentiation is its focus on precision matching, speed of access and measured outcomes.

Spring Health at a glance

Spring Health is a New York mental health benefits company founded in 2016 by April Koh and Adam Chekroud. It matches employees and health plan members with therapy, psychiatry and coaching using data-driven assessments. It raised a US$100 million Series E at a US$3.3 billion valuation in July 2024, led by Generation Investment Management.

Why employers pay for mental health care

Mental health conditions are among the leading causes of lost productivity and disability claims worldwide. Many people struggle to find therapists who accept their insurance or have availability, and waiting times can be long. Employers have found that offering fast access to care can reduce absences, improve retention and lower overall healthcare costs, because untreated mental health problems often worsen physical health. Demand for mental health benefits rose sharply during and after the pandemic, and many large employers now consider them essential.

Measurement-based care

Traditional therapy often lacks systematic measurement of whether patients are improving. Measurement-based care uses standard questionnaires at regular intervals to track symptoms, allowing clinicians to change approach if progress stalls. Research has shown that this improves outcomes. Spring Health has built measurement into its platform, and uses the data both to improve care and to show employers the value of their investment.

Questions for HR and benefits teams

• How quickly can employees get a first appointment, and with what type of provider?
• What outcomes are measured, and are any guaranteed in the contract?
• How is employee privacy protected from the employer?
• Does the service cover dependants and employees in other countries?

Global mental health benefits

Multinational employers want one mental health benefit for employees in every country, but care systems, languages, licensing rules and cultural attitudes differ widely. Spring Health has built provider networks and support in many countries and languages so global companies can offer consistent care. This is complex and expensive to build, and it gives larger providers an advantage over smaller rivals when competing for contracts with big employers.

AI in mental health care

Spring Health uses AI mainly behind the scenes: to match members with suitable care, to help clinicians with documentation and to identify members at risk who might benefit from more intensive support. Companies across the sector are also testing AI tools that offer support between therapy sessions. Clinicians and regulators urge caution, because mental health conversations are sensitive and errors could harm vulnerable people, so human clinicians remain central to care.

Latest developments (October 2026)

Spring Health has not announced a new priced round since its July 2024 Series E at US$3.3 billion. Secondary-market indicators have risen: Nasdaq Private Market estimated a share price of about US$55.65 in August 2026, up from about US$43.49 in May 2026. Those are estimates, not company figures. The mental health benefits provider is often named as an IPO candidate but has not filed. See our health tech unicorns guide.

What to watch

Watch for a new funding round, health plan partnerships, use of AI in care navigation, international expansion and any IPO plans. Our guide to healthcare AI startups covers related companies.

Takeaways

Employers can offer faster access to mental health care with measurable results. Founders can see how academic research can become a core product advantage. Investors should watch competition with Lyra and pricing pressure from benefits buyers.

Sources

Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.

1. Fierce Healthcare
2. Behavioral Health Business