Spring Health, a digital mental health company focused on employers and health plans, announced it raised $100 million in a Series E funding round led by Generation Investment Management.
The company, which provides mental health services for 450 contracted employers, said in a news release the new round pushes its valuation to $3.3 billion.
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Spring Health’s round is the latest in a series of large investments in digital mental health companies. Among other recent rounds are Talkiatry, $130 million; Grow Therapy, $88 million; and Two Chairs, $72 million.
Altogether, mental health companies received $682 million through the first six months of 2024, according to funding data from Rock Health, a digital health research and venture capital firm.
Existing investors including Kinnevik, the William K. Warren Foundation and venture capital firms RRE and Northzone also participated in the current round.
Former Vice President Al Gore is listed on Generation Investment Management’s website as a founding partner and chair of the firm.
In a separate news release posted on its website, growth investment firm Kinnevik said Spring Health will use the round to invest in its products and technology development, while funding new category growth.
The new round brings Spring Health’s total raised to $465 million, according to a spokesperson.
The company’s previous round, in April 2023, raised $71 million leading to a valuation of $2.5 billion.
