Peppy has secured $45m in funding for expansion in the US.
The firm said the funding will enable it to reach millions of additional employees in an array of different industries including finance, tech, legal, pharma and fast-moving consumer goods.
Peppy launched providing menopause support as an employee benefit and noted in 2021 the global menopause market reached a valuation of $15.4bn which was expected to continue growing at 5% annually through to 2030.
It added of that growth no market represented a bigger opportunity than the US, where approximately 6,000 women reach menopause every day.
Peppy also supports endometriosis and polycystic ovary syndrome (PCOS), conditions that each affect roughly one in 10 women in the US.
In the UK it has formed distribution deals with advisers including Aon and Lockton, and with insurers including Axa Health.
The Series B funding 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.
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 personalised 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, said: “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.”
