Inside Spring Health: From 2016 to Now Into a $300 million business
Founders: April Koh, Adam Chekroud
Founded Year: 2016
Investors: Northzone, Tiger Global, Rethink Impact
Funding Raised: $300 million
What Is the business model of Spring Health?
Digital mental health benefit platform for employers that uses machine-learning to assess employees’ mental health and direct them to appropriate care (therapy, coaching, meditation), charging employers per member for a comprehensive solution
How Spring Health got started?
Founded in 2016 by Koh and Chekroud while at Yale, Spring Health’s approach was to use a proprietary assessment to create a personalized care plan for each user and shorten the time to effective treatment, began by pitching to companies to include it as an employee benefit
what growth strategy has Spring Health followed?
Focused heavily on data and clinical validation, publishing studies to show its approach reduces recovery time, this evidence-based positioning helped win large employers, and the startup’s diverse leadership attracted significant press and investor attention
what are the top products/features of Spring Health
Spring Health assessment, therapy and coaching sessions, mindfulness exercises, medication management
what was the biggest challenge faced by Spring Health?
Standing out in a crowded digital mental health market and ensuring that its AI-driven care recommendations truly improve outcomes; also had to scale up provider networks and partnerships across therapy, medication, and digital tools to serve nationwide populations