Health-as-a-Service platform maker Maxwell Health has raised a $26.4 million financing led by Adams Street Partners. Cambia Health Solutions and Schooner Capital will join the round, along with Brothers Brook and Annox Capital. Maxwell’s current investors Vaizra Investments, Tribeca Venture Partners, Catalyst Health Ventures, Serious Change, and Lerer Hippeau Ventures have all contributed in this round as well.
The company will use the funding to grow their team, which is expected to double in the next year, spur even faster customer growth, and continue to expand product functionality. Maxwell has previously raised an $8 million series A round in December 2013.
Maxwell’s solution includes a marketplace, a benefits administration system, and a mobile platform.Touted as an “end-to-end operating system for benefits,” Maxwell’s solution includes a marketplace, a benefits administration system, and a mobile platform where employees access everything benefits-related, navigate the healthcare system, and manage their health and wealth.
Maxwell’s platform enables employers to offer all lines of insurance, including both fully- and self-insured medical insurance, and individual products from the state and federal exchanges, dental, vision, life, short and long-term disability, along with financial benefits such as 401(k) and HRA/HSA/FSA. These are combined with other products and services, including Doctor on Demand for telemedicine, Care.com for child care services, Health Advocate for concierge services, HelloFresh for healthy meal delivery, identity theft protection from ID Watchdog, and biometric screening from BioIQ.
The platform leverages data from these products and services to provide more informed solutions to employees through a mobile app available on iOS and Android. The app includes a virtual insurance ID card for access to benefits and wellness information, and a turnkey wellness program streams in data from fitness devices such as Fitbit and Jawbone for contextualized, relevant feedback.