Funding round
Spring Health Series E
Spring Health, which works in mental health benefits consulting in New York, raised $100M in a Series E round announced on 31 Jul 2024, led by Generation Investment Management, at a $3.30B post-money valuation. 5 firms took part, 5 of them already investors. It is Spring Health's sixth venture round on record; the one before was a Growth in Apr 2023.
$100M
Amount raised
$3.30B
Post-money valuation
5
Investors
1 lead
1.3x
Step-up from the Growth
$2.50B in Apr 2023
3.0%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Spring Health at $3.30B after the new money, 1.3 times the $2.50B of its Growth (Apr 2023). The $100M bought investors about 3.0% of the company. It came 15 months after Spring Health's Growth. It is 22% of the $464M Spring Health has raised in the venture rounds on record. No later venture round is on record for Spring Health.
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 16 Sep 2021, led by Kinnevik $190M$2.00B post-money
- Growth 12 Apr 2023 $70M$2.50B post-money
- Series E this round 31 Jul 2024, led by Generation Investment Management $100M$3.30B post-money
Investors
Who put money in
Generation Investment Management led the round with 4 other firms. Generation Investment Management, Kinnevik, William K Warren Foundation and RRE and 1 more had backed Spring Health before.
Lead investor
- Generation Investment Management existing investor
Also in the round
- Kinnevik backs 55 venture-backed companies existing investor
- William K Warren Foundation existing investor
- backs 68 venture-backed companies existing investor
- backs 104 venture-backed companies existing investor
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
The closest in time: Series E rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Payment Processing & Point of Sale | 5 Jul 2024 | $195M | not disclosed | Mitsubishi UFJ Financial Group (MUFG) Bank |
| Imperative Care Medical Supply Manufacturers | 25 Jul 2024 | $150M | not disclosed | Ally Bridge Group |
| SmartHR Tech Companies | 1 Jul 2024 | $140M | not disclosed | KKR and Ontario Teachers’ Pension Plan |
| Salvage Merchandise & Thrift Stores | 31 Jul 2024 | $30M | $375M | Hana Alternative Asset Management |
| Loans & Financing | 26 Jun 2024 | $1.22B | not disclosed | not named |
| Cribl Tech Companies | 27 Aug 2024 | $319M | $3.50B | GV |
| Electric Supplies & Power Generation | 11 Jun 2024 | $136M | not disclosed | Export Development Canada |
| Pharmaceutical Products | 12 Jun 2024 | $100M | not disclosed | Alerce Medical Technology Partners |
Sources
Where this comes from
Reported by 9 sources.
Questions
Frequently asked
How much did Spring Health raise in its Series E round?
Spring Health raised $100M in its Series E round, announced in Jul 2024.
Who led Spring Health's Series E round?
Generation Investment Management led it, with Kinnevik, William K Warren Foundation, RRE and Northzone.
What was Spring Health's valuation at the Series E round?
$3.30B post-money.