Collective Well being nabs $110 million in funding

Fundings and Exits

Enterprise well being administration startup Collective Well being has added one other $110 million to the coffers from current high-profile traders resembling Founders Fund and Alphabet’s funding arm GV, bringing the overall now raised to a cool $230 million.

The construction is partially a follow-on from a previously unannounced C-1 for $30 million and one other $80 million in Collection D funding. New investor Mubadala joins the gang, making this one of many first investments from the Abu Dhabi-based fund.

Ali Diab and co-founder Rajaie Batniji fashioned Collective Well being as a solution to lower out medical health insurance and as an alternative provide employers a solution to decide and select which issues they need lined for his or her staff. The hope was this could make for a inexpensive and extra environment friendly course of.

At the moment, the corporate caters to the well being wants of greater than 120,000 people — up from 30,000 in 2015 — throughout a number of high-profile employers, together with RH (previously Restoration ), in addition to tech firms resembling Palantir, SpaceX and eBay.

Canadian insurer Solar Life Monetary Inc. additionally pitched in on the newest spherical and there are plans within the works to bundle Collective Well being’s companies with Solar Life’s insurance coverage protection for U.S. employers.

Together with the funding announcement, the corporate revealed a brand new employer healthcare administration system. Calling it the primary “Workforce Well being Administration System,” this platform guarantees to serve up knowledge in a clear and straightforward to entry solution to allow employers to make higher selections for these they rent.

“Employers’ capability to drive constructive change in healthcare is being hampered by antiquated expertise that retains all pertinent healthcare and monetary info locked in disparate, legacy methods,” Diab mentioned in an announcement. “The Collective Well being Platform eliminates this fragmentation, eradicating inefficiencies, reducing prices, and bettering the expertise for American employers and staff.”

The brand new funding will likely be used to “speed up improvement” of the platform and rent extra folks throughout the firm to assist a quickly rising base of recent prospects.

Featured Picture: Bloomberg/Contributor/Getty Photographs

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