Spring Health

Spring Health is a B2B2C-focused psychiatry platform that offers personalized mental health solutions ranging from psychiatric assessments to mindfulness exercises, employee assistance programs, and coaching with therapists and mental health professionals. Through the app, employees can select what they need to accomplish in terms of their mental well-being and receive personalized suggestions. Spring Health also facilitates appointment scheduling with therapists, mindfulness exercises, and chats with licensed professionals.

At the end of 2022, the company served more than 800 clients including Microsoft, Hershey, JB Hunt, Bumble, and Fujifilm with claims that it can improve productivity by making employees happy with 70% of treatments scheduled after business hours. During the same year, Spring Health reported a 270% YoY revenue growth.

In May 2022, the company acquired Weldon , a family, and pediatric-focused wellness provider to increase Spring Health’s product portfolio to support members and their families as part of its plan to enhance coverage for families.

Spring Health partnered with national health plan Highmark Health in October 2023 to launch a mental health solution called Mental Well-Being. Starting in 2024, those covered under Affordable Care Act (ACA), fully insured, and Medicare plans (about 2.8 million members) will be eligible to access this solution.

Funding and financials

In April 2023, Spring Health raised USD 71 million in a funding round, propelling the unicorn startup’s valuation to USD 2.5 billion. The funds were allocated towards enhancing its service offerings, which covered six million lives through partnerships with health plans and employers.