San Francisco-based mental healthcare company Ginger announced Wednesday that it raised $100 million in a Series E round led by Blackstone Growth. The investment comes on the heels of 3x revenue growth for the company as demand for remote mental healthcare continues to remain high in the wake of the pandemic.
The latest round demonstrates that Ginger’s financial momentum isn’t slowing down. Just a few months ago, the platform brought in $50 million after closing its Series D.
“The past year demonstrated how employers, health plans and investors are ready to double down on solutions that address the global mental-health crisis,” Ginger CEO Russell Glass said in a statement.
Ginger’s behavioral health coaches, therapists and psychiatrists work together to provide patients with personalized care plans that can be accessed remotely via Ginger’s mobile app.
The platform currently serves over 10 million people in more than 40 countries around the world. With the newly acquired capital, Ginger plans to place its focus on developing partnerships with multinational employers and expanding the range of health plans that it offers on its platform.
Ginger also plans to hire for its team as it continues to scale. A range of open positions are available across the company’s finance, people, operations and engineering teams.
Last year, the company introduced a value-based care model to its platform that enables employers to offer every eligible employee and their dependents full access to Ginger’s benefits for a fixed fee. Over the last 12 months, nearly 60 percent of Ginger’s clients have adopted the model.
“[Ginger’s] mission to expand access to high-quality mental healthcare through innovative technological solutions is only becoming more important,” Ram Jagannath, global head of healthcare for Blackstone Growth, said in a statement.
More than 500 companies including ViacomCBS, Delta, Domino’s, SurveyMonkey and Sephora have signed on to the platform to provide their employees with mental healthcare coverage.
Ginger has raised over $220 million in venture capital financing to date, according to the company.
