Collective Health has raised $81 million Series C for its enterprise health insurance software and services. New investor Google Ventures has joined returning investors NEA and Founders Fund along with Maverick Capital, Redpoint Ventures and RRE Ventures. The company will use the funds to expand beyond California and offer its employer health insurance solution to companies across the U.S. in 2016.
“This significant infusion of capital comes at the perfect moment, enabling us to make our solution available to companies across the U.S,” said Ali Diab, CEO of Collective Health. “The funding will also enable us to continue to invest in building out our world-class team, forge new relationships with key partners and significantly grow our customer base. Ultimately, this funding will give Collective Health a big boost in our mission to make the healthcare experience in our country something we can all feel proud of.”
To date, Collective Health has raised $119 million, including $32 million in its Series B round in March 2015.Along with providing an unparalleled benefits experience to members, Collective Health provides benefits managers and HR teams with the platform that allows them to communicate and deliver the value of employer-sponsored health insurance benefits to employees and their families. Because health insurance is the second largest cost for most enterprises, tracking and managing the financial components of health insurance is critical and requires real-time visibility into numerous areas from premiums to utilization.
Collective Health is teaming up with leaders in healthcare, including Anthem and Blue Shield of California to bring companies its complete health benefits solution. The company has also announced a new major client – the gaming giant Activision Blizzard.
To date, Collective Health has raised $119 million, including $32 million in its Series B round in March 2015. Next year, its platform is expected to serve 30,000 members and process over $200 million in health insurance claims.