Funding Announcement
Handspring, a provider of virtual mental health services for children and families, has successfully raised $12 million in Series A funding. The investment round was led by Cobalt Ventures, with contributions from several other investors including:
- Arkitekt Ventures
- Hyde Park Angels (HPA)
- nvp capital
- NextView Ventures
- Cornucopian Capital
- VamosVentures
- 25madison
Additionally, two unnamed health plans participated in the funding round.
Leadership Changes
Dipa Mehta from Valeo Ventures and Rob Go from NextView Ventures have joined Handspring’s board of directors.
Service Overview
Handspring specializes in providing virtual mental healthcare for youth and their families, focusing on:
- Access to trained therapists
- Skills-based cognitive behavioral therapy (CBT)
- Age-appropriate skill-building
- Parental involvement and support
- Progress tracking and feedback
CEO and co-founder Sahil Choudhry emphasized the importance of quality care, stating, “Patients deserve more than just an available therapist – they deserve evidence-based treatment, genuine therapeutic relationships, and measurable progress toward recovery.” He noted that this funding is crucial for enhancing the long-term well-being of children and families.
Market Context
In 2022, Handspring, also known as Handspring Health, completed a $6.2 million seed funding round led by Newark Venture Partners and NextView Ventures. A significant number of U.S. children and adolescents are receiving outpatient mental healthcare through video visits, a trend that has been bolstered by the COVID-19 pandemic.
Another player in the pediatric mental health space is Teladoc, which partnered with Brightline to expand mental healthcare options for children and families through its platform. Brightline provides virtual behavioral health services and collaborates with employers and insurers to offer therapy and coaching.
