Another day, another raise in the HR technology space. Today, Ginger announced the closure of a $100 million Series E round.
The on-demand mental health company drew funding from Blackstone Growth and is now backed to the tune of more than $220 million.
In a press release, the company claimed that more than 500 employers from startups to Fortune 100s — including ViacomCBS, Delta Air Lines, Domino’s, SurveyMonkey, and Sephora — were using Ginger to provide employees with mental healthcare.
This new tranche of cash will go towards expanding access to value-based mental healthcare through additional partnerships with multinational employers and health plans.
Interestingly, the company is also planning to extend its reach to support underserved populations through new government payer relationships and collaborations with non-profit organizations during the first half of the year.
“The past year demonstrated how employers, health plans, and investors are ready to double down on solutions that address the global mental health crisis,” said Russell Glass, CEO of Ginger.
“With this round of funding, we will continue to advance our technology, further our research to improve outcomes, and expand care access within underserved populations,” he added.
The COVID-19 pandemic has had a profound impact on individuals’ mental wellbeing. Pandemic burnout is on the rise and employers are quickly realizing that they need to make mental wellbeing a priority in 2021 and beyond.
In fact, Ginger is the latest in a string of mental wellbeing platforms getting funded in recent weeks. BetterUp, which recently announced it had hired Prince Harry as its new chief impact officer, nabbed $125 million in Series D funding in February.