Healthtech startup Ginger lands $50M Series D funding to provide on-demand mental healthcare to millions around the world
2020 is a year we will never forget. With millions of people unemployed, the coronvirus pandemic has brought about uneasy feelings that exacerbate mental illness and record-high demand for mental health support. According to a 2020 Workforce Attitudes Toward Mental Health Report, nearly 70 percent of U.S. workers believe this is the most stressful period of their careers, including major events like the September 11 terror attacks, the 2008 Great Recession and others.
Enter Ginger, a San Francisco-based healthtech startup that brings access to on-demand mental healthcare to millions around the world. It on-demand system brings together behavioral health coaches, therapists, and psychiatrists, who work as a team to deliver personalized care, right through your smartphone.
Today, Ginger announced it has raised $50 in million Series D funding to expand access to the world’s first on-demand mental healthcare system. The round, which was led by Advance Venture Partners and Bessemer Venture Partners, with participation from Cigna Ventures and existing investors, brings the company’s total funding to over $120 million.
Founded in 2011 by Alex Pentland, Anmol Madan, Karan Singh, and Ryan O’Toole, the Ginger app provides members with access to the support they need within seconds, 24/7, 365 days a year. Millions of people have access to Ginger through leading employers, health plans and partners.
Currently, millions of people have access to Ginger through the company’s partnerships with innovative employers, health plans, and strategic partners. Today, over 200 companies ranging from startups to Fortune 100s, including Delta Air Lines, Sanofi, Chegg, Domino’s, SurveyMonkey, and Sephora, partner with Ginger to cost-efficiently provide employees with high-quality mental healthcare. Ginger members can also access virtual therapy and psychiatry sessions as an in-network benefit through the company’s relationships with leading regional and national health plans, including Optum Behavioral Health, Anthem California, and Aetna Resources for Living.
“AVP invests in companies that are using technology to tackle large-scale, global challenges and transform traditional businesses and business models,” said David ibnAle, Founding Partner of Advance Venture Partners. “Ginger is doing just that. We are excited to partner with an exceptional team to help make high-quality, on-demand mental healthcare a reality for millions more people around the world.”