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Ginger and Headspace to Merge

September 27, 2021 BeautyMatter
September 27, 2021
Headspace

Headspace, a global leader in mindfulness and meditation, and Ginger, a leader in on-demand mental healthcare, entered into a definitive agreement to merge.

WHO: Headspace, founded in 2010 by Andy Puddicombe and Richard Pierson, is known for being one of the first meditation apps in the world and remains a leader in mindfulness and mental training.

Founded in 2010 at the Massachusetts Institute of Technology by Karan Singh, co-founder and Chief Operating Officer, Ginger offers its members convenient, high-quality mental healthcare—including behavioral health coaching, therapy, and psychiatry—right from a smartphone.

WHY: Ginger and Headspace will merge to meet escalating global demand for mental health support. The combined entity, Headspace Health, will offer the world's most accessible and comprehensive digital mental health and well-being platform.

IN THEIR OWN WORDS: "We are witnessing a mental health crisis unlike anything we've experienced in our lifetimes, yet the majority of mental healthcare today is neither broadly accessible nor affordable," said CeCe Morken, CEO of Headspace. "Together, as Headspace Health, we will address the systemic challenges of access and affordability in a fundamentally different way by creating the world's most holistic, scalable, and effective mental health and wellbeing company."

“Headspace and Ginger have a shared recognition that the mental health crisis can't be solved by simply hiring more therapists or moving care online," said Russell Glass, CEO of Ginger. "Through this merger, we can uniquely tackle the full spectrum of mental health needs—from prevention to clinical care—all from one integrated platform.”

DETAILS:

  • Headspace and Ginger entered into a definitive agreement to merge and will operate as Headspace Health.
  • The two companies will serve consumers, employers, and health plans. Their combined expertise in consumer brand, evidence-based interventions, and technology will help improve resilience, reduce stress, and provide treatment to the millions of people experiencing mental health symptoms, from anxiety to depression to more complex diagnoses.
  • Upon close of the merger, Russell Glass, CEO of Ginger, will take on the role of CEO of Headspace Health. CeCe Morken will remain CEO of Headspace and take on the additional role of President for the combined entity.
  • In June 2020, Headspace secured $47.7 million in equity funding in an extension to a Series C that closed in February.
  • Headspace's total venture capital and debt raised since its inception in 2010 is about $216 million, according to Crunchbase data.
  • In March 2021, Ginger raised a $100 million Series E funding round at a $1.1 billion valuation, bringing the total raised to more than $220 million.
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