Handspring Secures Million in Series A Funding to Transform Youth Mental Health Care
Handspring, a pioneering mental health service provider focused on high-quality virtual therapy for youth and young adults, recently announced the successful closure of its Series A funding round, raising million. The financing was led by Cobalt Ventures, with participation from an array of esteemed investors, including NextView Ventures, nvp capital, 25madison, Arkitekt Ventures, VamosVentures, Hyde Park Angels, and Cornucopian Capital, along with two health plans.
The infusion of capital comes at a critical time as the nation grapples with a significant shortage of qualified pediatric mental health providers. Handspring aims to address this issue head-on by developing a dedicated workforce of fully employed therapists who receive comprehensive training in evidence-based practices. Unlike other platforms that utilize gig-based networks, Handspring emphasizes a more robust clinical framework. This approach involves structured onboarding processes and regular consultations, ensuring that its clinicians are equipped to deliver impactful therapeutic interventions.
Handspring employs a diverse range of therapeutic modalities, including Cognitive Behavioral Therapy (CBT) and Dialectical Behavior Therapy (DBT), as well as offering parent coaching to engage families in the therapeutic process. Notably, the organization has introduced a unique Complex Care program, specifically designed to assist high-risk youth. This initiative targets individuals who are frequently underserved by traditional mental health services and often find themselves inappropriately referred to more intensive care options, such as emergency departments.
A significant element of Handspring’s offering is its robust technology stack, which plays a crucial role in facilitating care delivery. By leveraging custom-built patient and provider portals alongside an AI-powered clinical scribe and a sophisticated therapist matching engine, Handspring aims to enhance operational efficiency and improve patient experience. The recent funding will further bolster this technology infrastructure, particularly in developing AI tools aimed at streamlining processes and optimizing clinical outcomes.
Handspring’s commitment to quality care is reflected in its impressive outcomes. Data shows that 96% of families reported improvements in daily functioning upon discharge. Moreover, the company boasts a Net Promoter Score (NPS) of 82, highlighting exceptional satisfaction among users. Clinical metrics indicate that 84% of patients treated for anxiety and 79% for depression exhibited measurable improvements, as verified by validated assessment scales.
Kwasi Kyei, President and co-founder of Handspring, underscores the organization’s mission, stating, “Handspring is meeting the needs of children, teens, and young adults with complex challenges that many providers can’t or won’t treat. Our whole family approach ensures that parents are empowered to support their children outside of therapy sessions.”
As the demand for mental health services continues to rise, Handspring is positioning itself as a leader in the field, dedicated to dismantling barriers and enhancing access to quality mental health care for youth and their families.
