The Series C funding makes CEO April Koh the youngest woman to run a unicorn and will be used to expand the company's global presence. Here are the top-line bullets you need to know.
Spring Health, a provider of mental health solutions for employers and health plans, has raised $190M in a Series C round. The round drew participation from Tiger Global Management, Kinnevik, and True Capital Partners, among others.
How’s the company performing?
- New York-based Spring Health, a machine learning-based digital health platform for employers, provides personalized care to employees and their families.
- Personalized services offered by the company include coaching, meditation, relationship counseling, pediatric mental healthcare, therapies, self-guided exercises, medication, and more.
- The company currently operates in 200 countries and caters to more than 150 companies, including startups as well as Fortune 500 companies.
- At present, Spring Health caters to more than 2M employees globally and has witnessed 6x year-over-year revenue growth.
Source: Spring Health
Why does the market matter?
- The telehealth and telemedicine market is projected to grow at a CAGR of 37.7% and reach a value of $191.7B by 2025, according to MarketsandMarkets Research.
- The Covid-19 pandemic accelerated demand for virtual mental health counseling and support services.
- In Q2’21, global telehealth investment rose for the fourth consecutive quarter, growing 17% QoQ and 169% YoY to reach a record high of $5B across 163 deals (+6% QoQ and -4% YoY). The top 5 deals alone were worth $1.6B (representing 30% of Q2’21 funding).