Ginger raises $50M for mental healthcare on demand
Ginger, the on-demand mental healthcare service, has closed a $50 million Series D investment round led by Advance Venture Partners and Bessemer Venture Partners, with participation from Cigna Ventures, Kaiser Permanente and others. The funding will be used to expand the service worldwide.
The company offers members an on-demand, in-app mental health support service. Immediate access to behavioural health coaches is available by text at any time of day. Coaches can also provide personalised activities to develop skills like managing anxiety and reducing stress. Live video appointments with licensed therapists and psychiatrists can also be scheduled.
Ginger reckons that for 70% of Americans, the COVID-19 pandemic is the most stressful period of their careers. Demand for the service reached its highest ever levels in July 2020, with 125% higher use of coaching services, and 265% higher use of therapy and psychiatry compared with pre-COVID averages.
“Our mental healthcare system has long been inadequate. But in the midst of a worldwide pandemic and a tumultuous sociopolitical climate, we’re facing uncharted territory,” said Russell Glass, CEO, Ginger, “People are demanding better care, and the largest payers of healthcare are recognizing the need to respond.”
Headquartered in the San Francisco Bay Area, US, Ginger was founded in 2011 by Alex Pentland, Anmol Madan, Karan Singh, and Ryan O’Toole. The company now claims to have over 650,000 members in 23 countries. The latest funding round brings total investment into Ginger to over $120 million.