SAN FRANCISCO – (BUSINESS WIRE) –Ginger, the on-demand mental health company, today announced a $ 100 million Series E funding round led by funds managed by Blackstone Growth (“Blackstone Growth”). This latest round of investment will bring the company’s total funding to over $ 220 million, on the heels of approximately 3x revenue growth over the past year.
More than 10 million people have access to Ginger in more than 40 countries around the world thanks to the company’s partnerships with innovative employers, health plans and strategic partners. Today, more than 500 employers ranging from startups to the Fortune 100, including ViacomCBS, Delta Air Lines, Domino’s, SurveyMonkey, Axon, 10x Genomics and Sephora, are partnering with Ginger to provide its employees with top-notch mental health care. high quality. The company also works with strategic partners like Accolade and Capsule, and 30 integrated health systems and health plans.
Ram Jagannath, Global Head of Healthcare for Blackstone Growth and Blackstone Tactical Opportunities, said: “We are proud to invest in Ginger, whose mission is to expand access to high quality mental health care through innovative technological solutions is becoming increasingly important. The company’s exceptional team has built a scalable, world-class model of care that benefits individuals, employers and payers – and we’re excited to work with them to move forward.
Last year, Ginger introduced a value-based model that allows employers to offer every eligible employee and dependent adult access to the full range of Ginger care for a fixed price, including unlimited self-guided care. , 24/7 on-demand behavioral health coaching, and a predetermined number of therapy and psychiatry sessions. In the past 12 months, nearly 60% of new Ginger customers have embraced this option for their employees, demonstrating a strong desire for value-based models in mental health.
With this latest round of funding, Ginger plans to continue expanding access to value-based mental health care through additional partnerships with multinational employers and health plans. During the first half of the year, the company also plans to expand its reach to support underserved populations through new relationships with the paying government and collaborations with nonprofits. In addition, this funding will allow Ginger to continue its acquisition of innovative technologies and clinical services to improve and evolve its mental health system on demand.
The COVID-19 pandemic has created a significant increase in demand for mental health support. According to Ginger’s Third Annual Report on Workforce Attitudes Towards Mental Health, 48% of employees report experiencing high to extreme stress in the past year – a 7% increase in the past two years. At the same time, the number of employees who used mental health technology support increased significantly by 66%. Ginger has responded to this growing need over the past 12 months, having:
Publication of the results of two peer-reviewed studies in JMIR, highlighting the success of its collaborative care system in reducing symptoms of anxiety and depression among Ginger’s employer clients.
Increased number of people with access to ginger to over 10 million, with demand reaching up to 3 times pre-pandemic levels.
Ginger’s enrollment rates have doubled across its employer base. Ginger’s average enrollment rate is more than double the national average for Employee Assistance Programs (EAPs).
Ginger also announced the appointment of Jesse silver as Chief Product Officer. Silver will lead the advancement of Ginger Member and Clinician experiences, including the Ginger Member App; the Ginger Care Hub, an exclusive EMR for Ginger trainers, therapists and psychiatrists; and various integrations across the healthcare ecosystem to improve access to healthcare. Silver served as Vice President of Product at Omada Health, led design work at IDEO and most recently was Vice President of Product at PAX Labs.
As part of this round of fundraising, Ginger has added Ram Jagannath of Blackstone to its board of directors. Blackstone joins existing investors Kaiser Permanente Ventures, Cigna Ventures, Bessemer Venture Partners, Advance Ventures Partners, Khosla Ventures, Health Velocity Capital, City Light Capital and WP Global Partners.
“The past year has shown how employers, health plans and investors are poised to double down on solutions to solve the global mental health crisis,” said Russell Glass, CEO of Ginger. “With this round of funding, we will continue to advance our technology, continue our research to improve outcomes and expand access to care in underserved populations.
Over the past year, Ginger has nearly tripled its employee base and expanded its team of behavioral health coaches, clinicians, engineers and operational leaders. In February 2021, Ginger was recognized as one of the Best Built In Workplaces in San Francisco and the Best Mid-Size Companies to Work for in San Francisco. The company has invested heavily in building a team of providers capable of meeting members’ needs in a fair and compassionate manner; over 70% of Ginger employees identify as female, and nearly 50% of Ginger trainers, therapists and psychiatrists identify as BIPOC (compared to the American Psychological Association average of 15%).
To learn more about how you can gift Ginger to your employees or members, please contact Ginger at [email protected]
At Ginger, we believe everyone deserves access to incredible mental health care. The Ginger app provides members with access to unlimited self-guided care and on-demand 24/7 coaching, as well as video therapy and psychiatric support. Ginger’s care providers work as a team to provide high-quality care in a value-based model that helps members get better faster and cuts costs for everyone. More than 10 million people have access to Ginger through leading employers, health plans and partners. Ginger is recognized by the World Economic Forum as a Technology Pioneer, by Fast Company as one of the Most Innovative Companies in Healthcare, and by the UCSF Digital Health Awards as the Leading Mental Health Company of 2020. Learn more about our vision to build a world where mental health is never a barrier to ginger.com or find us on Twitter at @CareByGinger.
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