附近上门

Business Startups Venture

Collective Health Raises SoftBank-Led $205M Series E

, a six-year-old health tech startup with users such as and , has raised $205 million in a Series E led by .

Subscribe to the 附近上门 Daily

, Google鈥檚, , and also participated in the round, which brings the San Francisco company鈥檚 to $434 million, according to its 附近上门 profile.


Per itself, Collective Health鈥檚 mission is 鈥渢o make it effortless to navigate, understand, and pay for healthcare鈥 considering that so many employers today still rely on faxes and snail mail. Its software is designed to allow 鈥渟elf-funded employers to administer plans and control costs鈥 from a centralized platform. According to its website, the company has more than 200,000 members across the United States and 45 鈥渆nterprise clients.鈥 Besides Pinterest and Uber, it also names Zendesk, Red Bull and Restoration Hardware among its user base. In general, users come from a variety of industries including entertainment, gaming, publishing, retail, ecommerce, and transportation.

Collective Health aims to reduce administrative burden and waste via its 鈥渋mproved claims and payments technology.鈥 The company also has a patent-pending machine learning engine, CH Cortex鈩, which it claims 鈥渋dentifies individual member care needs.鈥

In a posted today, co-founders and said Collective Health plans to use the money in part to grow its product, engineering and sales teams. In addition to its headquarters in San Francisco and its engineering hub in Chicago, the company opened an office in Utah earlier this year that created 鈥渁n operational hub.鈥 Collective Health also plans to use the fresh capital to form 鈥渘ew partnerships with innovative health insurers, healthcare systems, and digital health companies.鈥

In a , , senior managing partner at SoftBank Investment Advisers, said Collective Health鈥檚 business model and technology platform 鈥渁re not only helping employers understand and optimize their healthcare spend, they are also providing employees with a better healthcare experience.鈥

Indeed, the company appears to be growing at a healthy rate. At the end of last year, Collective Health it had 鈥渁 100 percent renewal rate for eligible clients and grew its enterprise client base by more than 50 percent鈥 in 2018. It also noted that it surpassed 500 employees during the year with plans to hire hundreds more in Utah.

滨濒濒耻蝉迟谤补迟颈辞苍:听

Stay up to date with recent funding rounds, acquisitions, and more with the 附近上门 Daily.

67.1K Followers

CTA

Discover and act on private market opportunities with predictive company intelligence.

Copy link