45. Spring Health

Founders: April Koh (CEO), Adam Chekroud
Launched: 2016
Headquarters: New York City
Funding: $300 million
Valuation: $2.5 billion
Key technologies: Artificial intelligence
Industry: Health care
Previous appearances on Disruptor 50 List: 1 (No. 16 in 2023)

The pandemic did a number on people's mental health. According to a survey from the Census Bureau, the percentage of people experiencing anxiety or depression is double what it was before the pandemic. And given the state of U.S. health care, it isn't easy for people to get the mental wellness support they need. It's a navigational challenge compounded by the fact that there are so many options and approaches, ranging from therapy to medication to meditation or coaching.  

Spring Health aims to make mental health benefits more accessible by creating a comprehensive solution for employers and health plans. Unlike other companies, Spring Health draws a trend toward precision medicine and uses AI and data analysis to pinpoint and deliver the right treatment for each person. Like physical health, early detection is crucial to treating mental health issues, and Spring Health tries to take out much of the guesswork in determining what works. Today, the company serves over 4,500 companies, from startups to Fortune 500 corporations such as General Mills, DocuSign and recently added customers Wellstar and Hearst. 

While the job market has softened a bit in the last year with companies in the tech and media industries laying off thousands, unemployment remains low and companies are seeing the value of offering mental health benefits to their employees. Spring Health says customers lower total health plan spending by more than $2,000 within the first six months of engagement, and that return on investment is over 4x when accounting for reduced absenteeism and turnover. 

In the past year, the company launched Spring Health for teens and Atlas, a recommendation engine designed to help benefits leaders identify top mental health opportunities in their employee population, paired with an action plan. It acquired Bloom's suite of self-guided therapy tools and digital content, including 700 interactive video sessions, to complement existing therapies. It also partnered with Eleanor Health to expand its substance use disorder support and with Highmark Health to expand behavioral health care access to people with Highmark insurance. 

Spring Health closed on a series C round of $71 million in April 2023 from existing investors for an implied valuation of $2.5 billion. While still misunderstood, mental health is gaining more attention and funding in recent years. Spring Health is one of a growing number of companies aiming to serve this long-ignored market, including Headspace Health, Lyra Health and Modern Health. Venture capital funding for mental health apps, platforms and other technologies reached a high during the pandemic but has since declined.