San Francisco-based healthtech platform Ginger raised $50 million in a financing round on Thursday, funding that will allow it to meet record-high demand for mental-health support amidsthe COVID-19 pandemic. The Series B was led by Advance Venture Partners and Bessemer Venture Partners.
Ginger’s behavioral health coaches, therapists and psychiatrists work together to provide patients with personalized care plans, accessible remotely via Ginger’s app.
“Our mental healthcare system has long been inadequate,” Russell Glass, CEO of Ginger, said in a statement. “But in the midst of a worldwide pandemic and a tumultuous sociopolitical climate, we’re facing uncharted territory.”
According to the company, its weekly utilization rates grew by nearly 265 percent in the month of July alone.
Over 200 companies, including Delta, Sephora and Chegg have partnered with Ginger to provide employees with mental healthcare coverage.
“With this investment, we can accelerate our work to deliver incredible mental healthcare at a fraction of the cost to the hundreds of millions of people around the world who deserve it,” Glass continued.
According to Ginger’s research, 70 percent of U.S. workers believe the pandemic has presented them with the most stressful period of their careers.
“Ginger is uniquely able to reverse the course of this crisis at scale,” Glass said.
Ginger has raised a total of $120.7 million in venture capital to date, according to Crunchbase. Additional investors include executive chairman of LinkedIn Jeff Weiner, in addition to Cigna Ventures and Kaiser Permanente Ventures.
