The Sources of the Startup Company’s Newest Round of Funding
The latest round of funding brought the total funding to over $200 million and was led by Blackstone Growth.
Ginger provides real-time, 24/7 mental health support for those who need it through its app. Want someone to help manage anxiety? Users can message a licensed therapist through the app, who will listen to what the user has to say and assist. Need more help? The startup company allows users to schedule video chat conversations with those therapists through the app as well. Therapists can even prescribe medication, which is delivered to users’ houses through the mail within a matter of days.
What the CEO Has to Say About the Funding
Russell Glass, CEO of the mental health startup business, said he and the company would use the funding to continue developing its mission and technology.
“The past year demonstrated how employers, health plans, and investors are ready to double down on solutions that address the global mental health crisis,” the business owner said. “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.”
A Look at Ginger and the Growing Mental Health Industry
Glass and his mental health startup app business are doing important work and joining a growing industry.
According to Itexus, the market for a mental health app company like Ginger is growing, and growing fast.
The mental health industry is expected to grow 23.7% from 2019 to 2027, reaching a valuation of $4 billion, up from over $500 million just nine years before.
That bodes well for the startup business, but it also bodes well for the app’s consumers. The mental health industry’s growth will help Ginger’s business and its users reap the benefits, as long as the company’s aims remain relevant.
Ginger’s Future, in the Words of Its Co-Founder
Sandy Pentland, Ginger advisor and co-founder, said in a previous company press release that the work Ginger is doing is important and that the mental health app company would continue helping those who use it.
“Mental health has historically suffered from a lack of meaningful measurement, which is critical to driving better health outcomes,” she said. “...Today, Ginger is a leader in not only understanding mental health trends, but in leveraging that data to improve care delivery, transforming an industry that desperately needs change.”
Ginger is doing well, and it’s on its way to being an important player in the mental health industry. With this recent business funding, the startup company is even further along.
About the Author
Elijah Labby is a graduate of the National Journalism Center. He has previously written for Broadband Breakfast, a technology and internet policy website.