附近上门

wants to take the guesswork out of finding a mental health provider and the trial and error that occurs during the search. The New York based company closed on a $76 million Series B round of funding to expand its platform.

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鈥淥ur approach is founded in science and academia, and not only matches people to the right treatment, but we鈥檝e taken technology and combined it with a human touch to deliver world-class outcomes fast,鈥� , co-founder and CEO of Spring Health, told 附近上门 News. 鈥淲e are a 鈥榮ingle front door鈥� for employees.鈥�

The Series B was led by , which was joined by , and individual investors (six-time NBA all-star and Toronto Raptors player) and (two-time WNBA all-star and Seattle Storm player). Existing investors , , , , and also participated.

The investment brings the company鈥檚 total funding to $106 million since Spring Health was founded by Koh and in 2016. It also comes on the heels of Spring Health鈥檚 announced in January.

The company is also in a market that is gaining attention from investors. We put together a list of and found 400 that received venture-backed funding within the past five years. In fact, investors pumped $8.6 billion into these companies during that time frame, according to 附近上门 data.

Growth

The global behavioral health market is expected to reach $240 billion by 2026, according to a by . Spring Health is carving out a niche in the precision mental health care space with employees. Koh estimates there are 150 million employees in the U.S. and the market is valued at $20 billion and growing.

Following the Series A, the company tripled its employees, expanded globally into more than 200 regions and was able to offer full employee assistance programs (EAP).

鈥淓APs are the traditional incumbents in the space,鈥� Koh said. 鈥淭hey are an outdated model that we are trying to revamp and reinvent.鈥�

Although entering the market just within the past two years, the company鈥檚 revenue has grown six times this year to date after growing four times in 2019.

Now with the Series B, Spring Health is focused on increasing its team again over the next few months and expanding capabilities around customer experience.

鈥淧ersonalization and efficacy are key,鈥� Koh said. 鈥淲e take a comprehensive and sophisticated approach to understanding what you are struggling with, and what is best for you. Our goal is not to just match you with a therapist out of the gate, but what is the best course of treatment.鈥�

What investors have to say

, general partner at Northzone, said the firm did a deep dive into the mental health space, but found most startups were addressing potential customers who already knew what they needed for treatment.

鈥淲hen we came across Spring Health, immediately it struck us about the one front door and way to guide people to the right treatment, and their quantitative approach to figuring out which methods worked for each person,鈥� he said in an interview. 鈥淎lso looking at the two co-founders, they complement each other and are very driven. We think they will become the best player in this industry that helps millions of people.鈥�

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