Employee healthcare benefits platform Peppy raises $45m Series B
News, by AlbionVC
Peppy, the personalized digital health platform that pioneered free-for-employee health support in Europe, has secured funding for a massive US expansion.
The $45m Series B was led by us at AlbionVC, and joined by Kathaka, MTech Capital, Simplyhealth and Sony Innovation Fund. Previous investors Felix Capital, Hambro Perks, Outward VC and Seedcamp also participated.
Through live chat and virtual consultations, Peppy gives users unlimited access to expert healthcare providers who specialize in the conditions and life stages that threaten their health and undermine their quality of life. And the service is entirely free to the user via their employer.
Peppy’s story began in 2018, when it launched menopause support as an employee benefit, this was a world first. The service was a fast hit, and Peppy quickly became a world-leader in a multi-billion dollar industry. And now also supports endometriosis and polycystic ovary syndrome (PCOS), conditions that each affect roughly one in 10 women in the US.
In 2021, the global menopause market reached a valuation of $15.4b, and it’s expected to continue growing at five percent annually through 2030. Of that growth, no market represents a bigger opportunity than the US, where approximately 6,000 women reach menopause every day.1 Thanks to Peppy’s recent funding, many of them will soon have access to revolutionary, one-on-one support that they simply cannot access through traditional providers.
This funding — and the US expansion it enables — marks a tipping point for gender-based personalized healthcare. It secures Peppy’s market-leading position and allows it to reach millions of additional employees in industries as far-reaching as finance, tech, legal, pharma, FMCG, and more.
Dr Mridula Pore, Co-Founder and Co-CEO of Peppy, said, “We’re on a mission to become a household name across the world and our Series B funding is just the start. We already dominate Europe’s employer-funded gender-based healthcare market. With our growing team in the US and numerous big brands already choosing Peppy, we will soon be a leading player in America.”
Peppy has seen 10x growth since its Series A investment in July 2021 and is trusted by over 250 enterprise businesses, including Accenture, Adobe, Canada Life, Disney, and Marsh McLennan.
Pore continued, “Over the last few years we’ve seen employers wake up to the vital importance of personalized care. They know that it’s a non-negotiable factor in attracting, engaging and retaining the best colleagues, particularly women. We’re a young and outrageously ambitious company and we’re incredibly excited to continue our mission in the world’s largest healthcare economy.”
Jay Wilson, Investment Director at AlbionVC added, “Over the three years we have known the company, the Peppy team has executed above all expectations, giving us confidence that Peppy will go on to be the global category leader in providing personalised expert-led pre-clinical care to all. The rate of customer adoption highlights the depth of market need and Peppy has now cemented itself as the European category leader. The early proof points from customers and partners in the US are particularly exciting and we are delighted to be partnering with Peppy”.