London-based healthtech startup Peppy has raised $45 million in a Series B round. The fresh capital for the gender-based personalised digital health platform is aimed primarily at supporting the startup’s entry into the US market.
The $45 million Series B round was led by AlbionVC and joined by Kathaka, MTech Capital, Simplyhealth, and Sony Innovation Fund. Existing investors Felix Capital, Hambro Perks, Outward VC, and Seedcamp continued their support of the startup.
While healthcare might be something we all take for granted, either through state-sponsored programmes or employee benefits, the hard truth is that these initiatives are more oft than not to have terms and conditions, limitations, and a myriad of red tape attached when any health issue varies beyond, shall we say, “standard”?
In 2018 Peppy founders Evan Harris, Max Landry, and Mridula Pore made a splash on the healthcare scene with a new way of doing business; free-for-employee health support in Europe, and coming out of the gate with menopause support as an employee benefit. In 2018, this was a first of its kind. Yes, in 2018.
Fast forward just three years, and In 2021, Peppy finds itself well ahead of the pack and operating in a global menopause market that’s reached a valuation of $15.4 billion, and is expected to grow at five percent annually through 2030.
In line with Peppy’s market expansion plans, the US represents the biggest opportunity, where approximately 6,000 women reach menopause daily. With this latest round of funding the company aims to provide many of these women with one-on-one support that they simply cannot access through traditional providers.
And while the company could simply rest on its laurels, they’re not stopping at menopause, now supporting endometriosis and polycystic ovary syndrome (PCOS) treatments, conditions that each affect roughly one in 10 women in the US.
Now add in Peppy's fertility, baby, and men's health services to the mix, and you can see why the startups' offer is attractive, to both genders, regardless of which side of the table you're sitting on, employee or employer.
“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,” commented Dr. Pore. “Over the last few years, we’ve seen employers wake up to the vital importance of personalised care. They know that it’s a non-negotiable factor in attracting, engaging, and retaining the best colleagues, particularly women.
Between its London and New York offices, the Peppy team counts over 200 staff members and boasts a client roster that tops 250 companies including Accenture, Adobe, Canada Life, Disney, and Marsh McLennan.
“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,” concludes AlbionVC Investment Director Jay Wilson.