A new health insurance start-up aiming to aid companies with their employer-sponsored insurance raised $81 million in a new round of financing. The new funding will allow the company to expand its services beyond California in 2016.
Innovation in the field of health insurance is desperately needed, and new start up companies focused on making the process of purchasing health insurance easier are popping up.
A new health insurance start-up aiming to aid companies with their employer-sponsored insurance raised $81 million in a new round of financing. Collective Health announced that the Series C funding it raised included investments from Google Ventures, NEA, Founders Fund, Maverick Capital, Redpoint Ventures, and RRE Ventures.
Collective also announced that its newest customer is video game and S&P 500 company Activision Blizzard, Inc.
“We want our employees and their families to have the best healthcare experience possible, and Collective Health can help us deliver on this commitment,” Milt Ezzard, Activision Blizzard’s Senior Director of Global Benefits, said in a statement. “We believe the key to a positive healthcare experience is applying technology and excellent member care to get the right resources to employees and their families at the right time.”
Currently, Collective Health is only based in California, but the new funding will allow the company to expand its services to companies nationwide in 2016. In 2016, Collective Health will serve 30,000 members and expects to process more than $200 million in health insurance claims. In a press release, the start-up also announced it was partnering with healthcare leaders, such as Anthem and Blue Shield of California.
“It goes without saying that this is just the very beginning for Collective Health,” wrote Ali Diab, chief executive officer and co-founder of Collective Health, wrote in a blog post. “Our vision for a better healthcare experience means we have a lot of work left to do. Our team is excited to expand nationally in 2016, to continue developing our product into one that welcomes millions to a never-seen-before level of service and technological innovation, and to make a lasting impact on an industry that touches each and every one of us.”