The Projection โ€” a symmetric watercolor butterfly

The Projection

The surface is never the system.

News ยท last 7 days

Summary

Spring Health had no dated news of its own this week, but its clinical-infrastructure funding cohort saw a fresh raise and a rival's repositioning.

Whether consolidation actually reaches Spring Health specifically, rather than only its funding-stage peers, is the open question.

โ† The Map

corp L1

Spring Health

Sphere us

The metrics โ€” click any for its citations + threads

Posture med
expanding 3 src โ†’
Capital ยท 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 โ€ฆ 4 src โ†’
Capital ยท 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) โ€” both directional proxies, not โ€ฆ 2 src โ†’
Capital ยท deployed low
acquisition of Alma โ€” 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 โ€ฆ 3 src โ†’
Capital ยท 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 โ†’
Capital ยท out med
the Alma acquisition is the dominant 2025-2026 capital-out event (see deployed, above) โ€” value unconfirmed (single low-confidence $1.5B mention, terms otherwise undisclosed). No other major โ€ฆ 1 src โ†’
Optionality med
constrained โ€” 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 โ€ฆ 1 src โ†’
Gravity low
~$0.3-0.5B/yr โ€” 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 โ€ฆ 3 src โ†’

Projects & threads

ยท The Funding Shift capital flow — developing · last seen 2026-08-29 · 16 entries

Full item history for Spring Health โ†’

Vocabulary