London’s HealthTech startup Peppy raises $45M in Series B funding to expand into the US market
When it comes to healthcare, attention is mostly focused on treatments for major diseases such as cancer and heart issues. However, everyday health needs like going through menopause or being diagnosed with endometriosis or PCOS, are underserved. That’s why London-based HealthTech startup Peppy is on a mission to address these healthcare needs.
Peppy is a gender-based employee healthcare benefits platform that connects employees to real human health experts through its first-of-its-kind app. Peppy enables employers to provide their staff with expert support during critical life transitions.
Today, Peppy announced it has raised $45 million in Series B to grow its platform and expand its B2B digital health services platform to the US. The round was led by AlbionVC, and joined by Kathaka, MTech Capital, Simplyhealth, and Sony Innovation Fund, with participation from previous investors including Felix Capital, Hambro Perks, Outward VC, and Seedcamp.
Founded in 2018 by Max Landry, Mridula Pore, and Evan Harris, Peppy’s story began five years ago in London when the company launched menopause support as an employee benefit; this was a world first. The service was a fast hit, and Peppy quickly became a world leader in an industry with a global valuation of $15.4 billion.
Through live chat and virtual consultations, Peppy gives users unlimited access to expert healthcare providers specializing in the conditions that undermine their quality of life. The service is entirely free to the user via their employer. Its areas of support include family and reproductive health – trying to start a family, becoming a parent, and going through menopause – and a first-of-its-kind men’s health service.
It is estimated that around 13 million people in the UK are currently peri or menopausal, equivalent to a third of the entire UK female population. Thanks to Peppy, many have access to revolutionary, one-on-one support that they simply cannot access through traditional providers.
This new round of funding secures Peppy’s market-leading position. It allows them to reach millions of additional employees in industries as far-reaching as finance, tech, legal, pharma, FMCG, and more. With this investment, Peppy plans to become a household name in America.
This funding, and the US expansion it enables, marks a tipping point for gender-based personalized healthcare. It secures Peppy’s market-leading position and allows it to reach millions of additional employees in industries as far-reaching as finance, tech, legal, pharma, FMCG, and more.
Dr. Mridula Pore, Co-Founder and Co-CEO of Peppy, said in a statement:“We’re on a mission to become a household name across the world and our Series B funding is just the start. We already dominate Europe’s employer-funded gender-based healthcare market. With our growing team in the US and numerous big brands already choosing Peppy, we will soon be a leading player in America.”
Peppy has seen 10x growth since its Series A investment in July 2021 and its platform is used by more than 250 enterprise businesses, including Accenture, Adobe, Canada Life, Disney, and Marsh McLennan. Peppy’s platform is used by more than 250 businesses.