Kinnevik Invests USD 100 Million in Spring Health, a Leading Global Mental Health Solution
September 16 2021 - 8:08AM
Kinnevik Invests USD 100 Million in Spring Health, a Leading Global
Mental Health Solution
Kinnevik AB (publ) ("Kinnevik”) today
announced that it is investing USD 100m in Spring Health, a leading
global mental health solution.
Spring Health helps employers modernise their
behavioral health benefits with the most comprehensive solution for
employee mental well-being. The company was founded by April
Koh and Dr Adam Chekroud in New York with the vision to build a
world where guessing has no place in mental healthcare. All too
often, patients must undergo a trial-and-error approach to finding
effective and efficient mental healthcare. Spring Health is
building the data infrastructure to make more precise decisions
when it comes to provider matching and the creation of personalized
care plans. Recent data has revealed that this approach delivers
best-in-class outcomes in half the time as others in the industry.
Spring Health provides a single point of contact for any type of
support — from digital exercises to employee assistance program
(EAP) services, to coaching, therapy, or medication — leading to
faster outcomes, higher engagement, and healthier, happier
employees and their families. Today, Spring Health serves over 150
companies, from start-ups to multinational Fortune 500
corporations.
Georgi Ganev, CEO of Kinnevik commented: “We are
incredibly excited to support Spring Health and its founders April
and Adam in this next chapter. We believe Spring Health’s distinct
and innovative approach to mental healthcare will set a new
standard in the space and establish the company as a long-term
market leader. The investment builds on our continued momentum in
US and global healthcare innovation.”
Kinnevik led the USD 190m round with an investment of USD 100m
for a 5 percent stake joined by new investor The Guardian Life
Insurance Company of America (Guardian Life) and along with
existing investors including Tiger Global and Northzone. Spring
Health’s total capital raised is to date is USD 300 million. The
latest round brings the company’s valuation to USD 2 billion, on
the heels of approximately 6x revenue growth over the past
year.
For further information, visit
www.kinnevik.com or contact:
Torun Litzén, Director Investor Relations Phone +46 (0)70 762 00
50 Email press@kinnevik.com
Kinnevik’s ambition is to be Europe’s leading
listed growth investor, and we back the best digital companies for
a reimagined everyday and to deliver significant returns. We
understand complex and fast-changing consumer behaviours, and have
a strong and expanding portfolio in healthtech, consumer services,
foodtech and fintech. As a long-term investor, we strongly believe
that investing in sustainable business models and diverse teams
will bring the greatest returns for shareholders. We back our
companies at every stage of their journey and invest in Europe,
with a focus on the Nordics, and in the US. Kinnevik was founded in
1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s
shares are listed on Nasdaq Stockholm’s list for large cap
companies under the ticker codes KINV A and KINV B.
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