On-Demand Mental Healthcare Company Ginger Raises $50 Million

By Amit Chowdhry ● August 7, 2020
  • On-demand mental healthcare Ginger announced a $50 million Series D funding round led by Advance Venture Partners and Bessemer Venture Partners

On-demand mental healthcare Ginger announced a $50 million Series D funding round led by Advance Venture Partners and Bessemer Venture Partners. And additional participants include Cigna Ventures and existing investors like LinkedIn executive chairman Jeff Weiner and Kaiser Permanente Ventures. Including this round of funding, Ginger has raised a total of over $120 million.

There are millions of people who have access to Ginger through the company’s partnerships with innovative employers, health plans, and strategic partners. Over 200 companies ranging from startups to Fortune 100s, including Delta Air Lines, Sanofi, Chegg, Domino’s, SurveyMonkey, and Sephora are partnered with Ginger to cost-efficiently provide employees with high-quality mental healthcare.

And Ginger members can also access virtual therapy and psychiatry sessions as an in-network benefit through the company’s relationships with leading regional and national health plans, including Optum Behavioral Health, Anthem California, and Aetna Resources for Living. By delivering evidence-based behavioral health coaching, therapy, and psychiatry from a smartphone,  Ginger is the only end-to-end telemental health provider built to meet the surging demand at a fraction of the cost of traditional care.

With this funding round, Ginger has added David T. ibnAle and Steve Kraus to its Board of Directors, ibnAle is a founding partner of Advance Venture Partners and Kraus is a partner at Bessemer Venture Partners.

KEY QUOTES:

“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. People are demanding better care, and the largest payers of healthcare are recognizing the need to respond. Ginger is uniquely able to reverse the course of this crisis at scale. 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.”

— Russell Glass, CEO, Ginger

“At Cigna Ventures, we are committed to investing in bold, new ways to make high-quality healthcare simpler and more affordable. We believe that Ginger is well-positioned to make this a reality in mental healthcare and look forward to supporting their efforts to expand access to this innovative model.”

— Sahil Choudhry, Managing Director, Cigna Ventures

“AVP invests in companies that are using technology to tackle large-scale, global challenges and transform traditional businesses and business models. Ginger is doing just that. We are excited to partner with an exceptional team to help make high-quality, on-demand mental healthcare a reality for millions more people around the world.”

— David ibnAle, Founding Partner of Advance Venture Partners