HealthTech Peppy has announced a £37m ($45m) Series B to grow the US business and consolidate their UK operations.
The round was led by AlbionVC, and joined by Kathaka, MTech Capital, Simplyhealth and Sony Innovation Fund. Previous investors Felix Capital, Hambro Perks, Outward VC and Seedcamp also participated.
Peppy was founded by three like-minded individuals – Mridula Pore, Evan Harris and Max Landry – in 2018 who all experienced the ‘oh wow!’ moment of bringing a baby home for the first time.
The trio saw an opportunity to for employers to provide their staff with expert support during critical life transitions.
Initially the tech startup launched a world-first menopause support service Peppy quickly became a world leader in an industry with a global valuation of £12.6bn ($15.4bn).
Through live chat and virtual consultations, Peppy gives users unlimited access to expert healthcare providers specialising in the conditions that undermine their quality of life.
The service is entirely free to the user via their employer. Areas of support include family and reproductive health – trying to start a family, becoming a parent and going through menopause – and a first-of-its-kind men’s health service.
It is estimated that around 13 million people in the UK are currently peri or menopausal. Thanks to Peppy, many have access to revolutionary, one-on-one support that they simply cannot access through traditional providers.
Today, Peppy is trusted and loved by over 250 businesses. The company has seen 10x growth since its Series A investment in July 2021.
This new round of funding allows Peppy to reach millions of additional employees in industries as far-reaching as finance, tech, legal, pharma, FMCG, and more. With this investment, Peppy plans to become a household name in America.
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.
“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.”