Spring Health, a mental health care platform, just announced it closed on a $22 million Series A funding round led by Northzone, Equinox Ventures and Able Partners.
Mental health startups raised more than $320 million in venture capital in the second quarter of 2019 alone, with companies like Quartet and Talkspace bringing users quality mental health services quickly and conveniently. However, Spring Health’s co-founder and CEO April Koh says this is only half the battle.
“We knew fast access was meaningless — and potentially even dangerous — if the care was not right for the individual. Everyone is different, and these products treated everyone the same,” Koh said in a statement. “Building a world with no barriers to mental health meant that we needed to go beyond faster access — to faster recovery, by connecting people to not just any care, but precisely the right care for them, from the start.”
Spring Health does this with a data-driven approach it calls “precision mental health care.” Users fill out their information and the software screens for a variety of conditions, including depression, eating disorders, anxiety and PTSD. Then, the user is paired with a mental health professional trained to answer questions via text, phone or video. Users also have access to the platform’s network of vetted therapists, psychologists and psychiatrists to ensure they get the correct care for their specific needs.
The New York-based company was founded in 2016 and claims to work with the employees of more than 50 companies across five continents.
Koh also announced that Pär-Jörgen Pärson, Spotify's first external investor, has joined the company's board of directors. She says this most recent funding will be used to scale Spring Health's product.
“We see this moment as an important inflection point not only for Spring Health but for mental health care broadly,” Koh continued in her statement. “This investment allows us to take a big step forward in building a world where guessing has no place in mental health care, where every barrier to mental health has been eliminated.”
