Enterprise well being administration startup Collective Well being has added one other $110 million to the coffers from present high-profile traders comparable to Founders Fund and Alphabet’s funding arm GV, bringing the entire 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 Sequence 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 approach to minimize out medical insurance and as a substitute provide employers a approach to decide and select which issues they need lined for his or her workers. The hope was this is able to make for a cheaper 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 Hardware), in addition to tech corporations comparable to Palantir, SpaceX and eBay.
Canadian insurer Solar Life Monetary Inc. additionally pitched in on the most recent 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 simple to entry approach to allow employers to make higher selections for these they rent.
“Employers’ potential to drive optimistic change in healthcare is being hampered by antiquated expertise that retains all pertinent healthcare and monetary data locked in disparate, legacy methods,” Diab mentioned in an announcement. “The Collective Well being Platform eliminates this fragmentation, eradicating inefficiencies, decreasing prices, and bettering the expertise for American employers and staff.”
The brand new funding will probably be used to “speed up improvement” of the platform and rent extra individuals inside the firm to assist a quickly rising base of recent prospects.
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