B2B digital health platform Peppy raises £6.6M Series A funding

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UK employee health platform Peppy has just closed a Series A funding round of £6.6 million (€7.75M), led by Felix Capital.

The B2B digital healthcare platform designed to bridge the gap between patients and clinical care in hard to reach areas of healthcare. Set up in 2018, the platform is targeted at employees of corporate customers who need care support during major life events.

Their service offerings currently cover menopause, pregnancy, fertility and early parenthood.

Peppy offers employees a secure online environment that not only gives users direct access to expert medical practitioners and tailored care but also provides an online community of users experiencing similar life changes.

The app functions include instant messaging, group chats, video consultations, relevant articles, programmes and events.

WHAT IT’S FOR

The funding round was led by Felix Capital, with further contributions coming from previous investors such as Outward VC, Seedcamp and Hambro Perks.

The company announced that they will use these new funds to expand their existing support services, whilst also enabling them to branch into new services. These will focus particularly on men’s health, covering urological, hormonal, mental and lifestyle health, making Peppy the first men’s health service available to employees in the world.

The funding will also enable the platform to invest in its technology, to support international expansion and to grow its team as they support an ever-growing client base.

MARKET SNAPSHOT

Telehealth experienced a huge boom in 2020, due to the pressing need for reliable remote healthcare driven by the COVID-19 pandemic.

Peppy’s customer base, for instance, grew at a continual rate of 20% month-on-month over the last year, drawing in clients including universities, retailers, law firms and several NHS Trusts. Other digital health platforms also drew in funding, such as Poland’s Telemedico and eVisit in the US.

Interest in employee health and wellness platforms are also on the rise, with Collective Health recently closing a Series F round of $280 million, and a recent report by McKinsey identifying digital tools as a possible support for employee mental health.

ON THE RECORD

Co-Founder of Peppy, Mridula Pore, said: “The pandemic has shown us that employers can’t just talk about supporting their employees’ health and wellbeing anymore, they have to take action. More and more leading businesses are turning to us to provide the support their people really need – not a one-size-fits all solution, but support that is trustworthy, personalised and delivered by experts. We’re still at the surface of what is possible for Peppy.”

Speaking for Felix Capital, Susan Lin said: “Peppy is at the forefront of three huge market trends and we believe is positioned to become a category-defining brand. First, massive growth in targeted employee benefits, driven by increasing awareness of the importance these have in boosting morale, productivity, and retention. Second, demand for much more convenient ways to access healthcare, which has been further accelerated by COVID-19. And finally, a need for much more personalised solutions, especially in critical life stages such as menopause and early parenthood.”



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