Funding round
Spring Health Series C
Spring Health, which works in mental health benefits consulting in New York, raised $190M in a Series C round announced on 16 Sep 2021, led by Kinnevik, at a $2.00B post-money valuation. 11 firms took part, 10 of them already investors. It is Spring Health's fourth venture round on record; the one before was a Series B in Nov 2020.
$190M
Amount raised
$2.00B
Post-money valuation
11
Investors
1 lead
9.5%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Spring Health at $2.00B after the new money. The $190M bought investors about 9.5% of the company. It came 10 months after Spring Health's Series B. It is 41% of the $464M Spring Health has raised in the venture rounds on record. Spring Health raised again 19 months later: a Growth round of $70M in Apr 2023, at $2.50B post-money.
Spring Health's funding rounds
Spring Health has 6 venture rounds on record. This one is highlighted.
- Seed 12 Jul 2018, led by Rethink Impact $6.0M
- Series A 1 Jan 2020, led by Northzone $22M
- Series B 18 Nov 2020, led by Tiger Global $76M
- Series C this round 16 Sep 2021, led by Kinnevik $190M$2.00B post-money
- Growth 12 Apr 2023 $70M$2.50B post-money
- Series E 31 Jul 2024, led by Generation Investment Management $100M$3.30B post-money
Investors
Who put money in
Kinnevik led the round with 10 other firms. Kinnevik, Tiger Global, Northzone and RRE Ventures and 6 more had backed Spring Health before.
Lead investor
- Kinnevik backs 55 venture-backed companies existing investor
Also in the round
- Tiger Global existing investor
- backs 104 venture-backed companies existing investor
- RRE Ventures existing investor
- backs 38 venture-backed companies existing investor
- backs 35 venture-backed companies existing investor
- William K Warren Foundation existing investor
- backs 35 venture-backed companies existing investor
- backs 24 venture-backed companies existing investor
- True Capital Ventures existing investor
- The Guardian Life Insurance Company of America new investor
Joined the board: Christian Scherrer (Kinnevik).
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing and scaling operations.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
Comparable rounds
How it compares
6 Series C rounds in Psychologists & Counseling Services within a year either side disclosed an amount; the median was $70M, and this round was 2.7 times the median. The closest in time, other companies' Series C rounds in Psychologists & Counseling Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Psychologists & Counseling Services | 1 Sep 2021 | $80M | not disclosed | Sofina and Temasek |
| Psychologists & Counseling Services | 31 Aug 2021 | $50M | not disclosed | Insight Partners |
| Cerebral Psychologists & Counseling Services | 8 Dec 2021 | $300M | $4.80B | SoftBank Vision Fund and SoftBank |
| Psychologists & Counseling Services | 29 Jun 2021 | $60M | not disclosed | Longitude Capital |
| Psychologists & Counseling Services | 29 Mar 2022 | $105M | $705M | KKR |
| Psychologists & Counseling Services | 15 Dec 2020 | $51M | $500M | Battery Ventures |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Spring Health raise in its Series C round?
Spring Health raised $190M in its Series C round, announced in Sep 2021.
Who led Spring Health's Series C round?
Kinnevik led it, with Tiger Global, Northzone, RRE Ventures, Rethink Impact and Work-Bench and 5 more.
What was Spring Health's valuation at the Series C round?
$2.00B post-money.
How does it compare with other Series C rounds in Psychologists & Counseling Services?
6 Series C rounds in Psychologists & Counseling Services within a year either side disclosed an amount; the median was $70M, and this round was 2.7 times the median.
Did Spring Health raise again after this round?
Yes: a Growth round in Apr 2023 of $70M at $2.50B post-money.