Cigna and Kaiser Permanente have participated in a $50m series D round for Ginger, bringing the MIT spinout's total funding to more than $120m.
Ginger, a US-based on-demand mental healthcare provider spun out of Massachusetts Institute of Technology, yesterday obtained $50m in a series D round co-led by Advance Venture Partners and Bessemer Venture Partners.
Cigna Ventures and Kaiser Permanente Ventures, investment arms of health insurer Cigna and managed care consortium Kaiser Permanente, also took part, as did private investor Jeff Weiner and unnamed, existing backers.
Founded in 2011, Ginger has built a mobile app that gives users round-the-clock access to mental health resources, including behavioural health coaches, therapists and psychiatrists. Ginger partners with health plans and employers to deliver its offering.
The funding follows increased demand for Ginger’s service, with requests for its therapy and psychiatry services having risen by 265% compared to pre-pandemic averages.
David ibnAle, founding and managing partner of Advance Venture Partners, and Steve Kraus, partner at Bessemer Venture Partners, will join the board of directors.
Thierry Heles
Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).
