April Koh, CEO of Spring Health, has become the youngest woman to lead a multibillion-dollar company after the startup raised a $190 million Series C round, or $300 million total funding.
“Unicorn” services: The Series C round of funding raised Spring Health’s valuation to more than $2 billion, which makes it reach “unicorn” status, or a valuation of at least $1 billion, according to Fierce Healthcare.
- The behavioral health startup provides employers a way to give mental health benefits, including online therapy, counseling, coaching and self-guided exercises.
- Its services are marketed as a supplement to employee assistance programs (EAPs) or as entire replacements for them.
- Koh, 29, told MedCity News that what makes Spring Health different is it focuses on employees from all kinds of socioeconomic backgrounds and health needs instead of just those from wealthy tech companies.
- The recent funding will go towards “the company’s efforts to integrate these existing offerings into the first cohesive mental health experience for families, where both individuals and relationships within families can be supported through one central solution.”
- Spring Health also plans to expand to over 200 countries worldwide.
Five years in the making: In 2016, Koh joined forces with Adam Chekroud and Abhishek Chandra to launch Spring Health, which now works with over 150 startups and multinational Fortune 500 corporations.
- The company also plans to accelerate its growth by partnering with health plans, beginning with Guardian Life, a leading life, disability and employee benefits provider.
- Koh told Forbes in an interview that Spring Health is preparing for an initial public offering (IPO).
- “It’s less about IPO-ing and more about establishing Spring Health as a long-lasting company of consequence that has the biggest impact on mental health possible,” she said.
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