Mental health on-demand, this is Ginger, a startup founded in 2011 in San Francisco that has gradually persuaded an increasing number of investors and raised a lot of funding in recent years, up to the round closed in early August 2020 amounted to $50 million, allowing Ginger to grow strongly in times of increased market demand due to the pandemic. The investment round was led by Advance Venture Partners and Bessemer Venture Partners, among other participants were Cigna Ventures and investors such as Jeff Weiner, Executive Chairman of LinkedIn, and Kaiser Permanente Ventures. This last round of investments brings the company’s total financing to over $120 million.
Ginger brings together behavioral trainers, therapists and psychiatrists, who provide personalized care through their smartphones. These include behavioral coaching, video therapy and self-guided activities – all measured and customized using the company’s in-house data platform.
Its business model currently focuses primarily on welfare: millions of people use Ginger through the company’s partnerships with employers, healthcare plans and strategic partners, and nowadays more than 200 companies, from startups to Fortune 100s, are partnering with the company.
The company pointed out that in recent months it has recorded “a skyrocketing demand” for treatment of anxiety and depression among U.S. workers. In July, for example, its weekly use rates for coaching and therapy/psychiatry were 125% and 265% higher than pre-COVID-19 rates, respectively.
“Our mental health system has long been inadequate. Yet in the midst of a global pandemic and a stormy social and political environment, we are faced with uncharted territory, people are demanding better care, and major health care providers recognize the need to respond. Ginger is the only one able to reverse the course of this crisis on a large scale. With this investment, we can accelerate our work to provide an amazing mental health care at a fraction of its cost to the hundreds of millions of people worldwide who deserve it” – said Russell Glass, Ginger CEO.
Digital Health is one of the reference topics of the seventh edition of the international contest promoted by BNP Paribas Cardif in partnership with InsuranceUp, this year focused on Next Normal, the future after the pandemic. Innovative ideas, solutions and products are sought in all areas of people’s lives. Applications are open until September 30th, here is the website to apply.All rights reserved