Spring Health

Business overview

Spring Health is a digital mental health service offering self-help tools, coaching, therapy, and medication. Spring Health uses AI and data driven analysis to match each person to care that fits their needs, helping them feel better faster.

Patients access Spring Health’s services via their employers or via health insurance, who pay a recurring fee for being able to offer Spring Health’s services as part of their healthcare package, as well as a fee per appointment. By connecting individuals to the right care early, Spring Health helps reduce overall healthcare costs and deliver a strong return on its customers' investment. For every dollar spent, employers using Spring Health achieve an average return of USD 1.90, net of all program fees.

At the end of 2025, Spring Health announced the acquisition of Alma, a platform service that handles the insurance and business side of running a mental health practice.

Kinnevik's view

We believe Spring Health has built a differentiated platform to address mental health issues, which is a serious, large and growing condition. While AI agents can create mental health chatbots, serving patients safely at scale requires capabilities that are difficult to replicate, including a large clinician network, strong clinical oversight, regulatory expertise and extensive proprietary patient data. We see AI as a meaningful accelerant for Spring Health, enabling the company to scale care, improve matching and support patients between clinical interactions.

With strong organic growth and expected revenues of around USD 1bn in the year following the Alma acquisition, while remaining EBITDA profitable, we believe Spring Health is well positioned to further strengthen its leadership in tech-enabled mental healthcare.

Looking ten years ahead, Spring Health has the potential to become the leading global infrastructure for behavioral healthcare.

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