Spring Health, the mental health startup founded by Under 30 alumni April Koh and Adam Chekroud, has secured $190 million in Series C funding, propelling the company to unicorn status.
Spring Healthuring her undergraduate years at Yale University, April Koh learned firsthand how frustrating and expensive it can be to find effective help for mental health illnesses. Her best friend and roommate cycled through multiple doctors and medications for an eating disorder, and ultimately needed a leave of absence to secure treatment; Koh, meanwhile, was dealing with her own mental health issues and struggling to find the right course of treatment.
Five years later, Koh and Chekroud have guided Spring to unicorn status: the company is announcing Thursday that it has secured a $190 million Series C round of funding at a $2 billion valuation. The round was led by health investor Kinnevik; insurer Guardian Life joined as a new investor, while existing investors—including Tiger Global, Rethink Impact and Work-Bench—also participated.
The most expensive problem in the mental health space is trial and error. There was this crazy proliferation of all these apps and solutions that were claiming to help people with their mental health. And there was no guidance around which resource, which app, or which therapist would be best for you.While Spring does not publicly disclose its full pricing model, Koh says that employers can generally expect to pay $100 to $150 per employee per year.
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