The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

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corp L1

Spring Health

Sphere us

The metrics — click any for its citations + threads

Posture med
expanding 3 src →
Capital · available med
~$443M cumulative VC raised across 5 documented rounds (seed $6M 2018 -> Series B $76M 2020 -> Series C $190M 2021 -> Series D $71M 2023 -> Series E $100M 2024); last-marked valuation $3.3B … 4 src →
Capital · operating low
no official revenue disclosed by Spring Health. Third-party estimate (GetLatka): ~$281.3M ARR (2025). Team scale ~3.5K employees (2025), up from ~2.6K (2024) — both directional proxies, not … 2 src →
Capital · deployed low
acquisition of Alma — CLOSED May-1-2026 (announced Jan-29-2026), folding Alma's clinician-insurance-billing network into Spring Health's employer/payer benefit business. Deal value: ONE … 3 src →
Capital · in med
pure financial-VC funding rounds (seed through Series E, no strategic-industrial investor identified in sources fetched this pass); Kinnevik led Series C (2021). 1 src →
Capital · out med
the Alma acquisition is the dominant 2025-2026 capital-out event (see deployed, above) — value unconfirmed (single low-confidence $1.5B mention, terms otherwise undisclosed). No other major … 1 src →
Optionality med
constrained — VC-backed private company, no IPO, board/investor oversight, runway-dependent between raises. No evidence found this pass of unusual founder/dual-class control or non-standard … 1 src →
Gravity low
~$0.3-0.5B/yr — grounded in revenue/ARR scale, not gross covered-lives headlines. Spring Health standalone ARR ~$281.3M (2025 est., GetLatka) plus Alma's own ~$230M (2025 est.) now folded in … 3 src →

Projects & threads

· The Funding Shift capital flow — developing · last seen 2026-07-23 · 5 entries

Full item history for Spring Health →

Vocabulary