December 20, 2022
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Venture capital firms have taken a lot of interest in the insurance startup space recently.
The global insurtech market size was estimated to be worth USD 3.85 billion in 2021 and is projected to grow at a rate of 51.7% per year from 2022 to 2030.
Here is a list of 12 rapidly expanding startups in the health insurance technology industry.
Headquarters: San Francisco, California, United States
Founders: Callum King, Jacky Chiu, Tom Spann
Year founded: 2017
Latest funding: $33,000,000 (Series B)
Total funding: $72,225,000
Investors: Andreessen Horowitz, Village Global, Obvious Ventures, Bullpen Capital, Trinity Ventures
What they do: Brightside is inventing a new category of financial health company -- Financial Care. Brightside provides employers with a complete platform of financial solutions, focused on the 2/3 of workers who are living paycheck to paycheck and driving the cost of poor financial health (turnover, healthcare costs, productivity, DEI, and safety) for companies with front-line workers.Brightside combines these solutions with tech-powered financial assistants and an app that ties it all together and helps influence employees and their families to better financial health.
Headquarters: Bangalore, Karnataka, India
Founders: Enbasekar Dinadayalane, Satish Kannan
Year founded: 2000
Latest funding: $125,000,000 (Series C)
Total funding: $192,132,379
Investors: Lightrock, Bessemer Venture Partners, InnoVen Capital, Alteria Capital, JAFCO Asia
What they do: MediBuddy is India’s #1 on-demand, end-to-end digital healthcare platform that helps customers access multiple healthcare services such as online doctor consultations, lab tests and medicine delivery seamlessly from the comfort of their homes. Customers can also pay in advance and book an appointment in any of the 9000+ healthcare providers or visit one of the 300+ clinics operated by them. MediBuddy has built an integrated omni channel platform where customers can access all healthcare services both online and offline - a consultation can be completed on video or through an offline visit at a hospital booked through the app, blood tests can be done at home and radiology tests can be done at lab centre, hospitals can be identified and admissions for surgeries or procedures can be booked.
Headquarters: New York, New York, United States
Founders: David Goldhill, John Fontein, Michael Botta
Year founded: 2018
Latest funding: $27,000,000 (Series B)
Total funding: $74,960,000
Investors: Alumni Ventures, General Catalyst, Valor Equity Partners, GV, Industry Ventures
What they do: Sesame is the healthcare marketplace that delivers “half-price health care” to Americans who have been priced out of the everyday care they need. With thousands of healthcare providers - covering all 50 states and every major health category - the Sesame marketplace has driven prices on dozens of common health care types down by as much as 67 percent. Sesame lowers prices, but not quality standards, by applying technology to build a marketplace that gives consumers the most choice, convenience and quality at the best price.
Headquarters: Gurgaon, Haryana, India
Founders: Ankit Khandelwal, Darpan Khurana
Year founded: 2019
Latest funding: $11,000,000 (Series A)
Total funding: $11,575,261
Investors: Y Combinator, Acequia Capital (AceCap), Soma Capital, Goodwater Capital, Nitin Gupta
What they do: GroMo is the best financial product selling app using which every Indian can earn over INR 1 lakh every month by selling insurance policies, credit cards, savings account, Demat account, loans and many other financial products. Anyone can start working using GroMo with zero investment. With the GroMo mobile app, users can work from anywhere & sell all kinds of insurance, including health insurance, motor insurance and life insurance etc.
Headquarters: Mumbai, Maharashtra, India
Founders: Aniruddha Sen, Dhiraj Goel
Year founded: 2019
Latest funding: $12,000,000 (Series A)
Total funding: $13,700,000
Investors: Sequoia Capital, BEENEXT, 9Unicorns Accelerator Fund, Orios Venture Partners, Waveform Ventures
What they do: Kenko Health aims to build a health management organization (HMO) that covers both healthcare expenses and the medical conditions of customers.
Headquarters: New York, New York, United States
Founders: Akash Magoon, Sina Chehrazi
Year founded: 2019
Latest funding: $55,000,000 (Series C)
Total funding: $105,700,000
Investors: Felicis Ventures, SVB Capital, (ERA) Entrepreneurs Roundtable Accelerator, CNO Financial Group, Transformation Capital
What they do: Nayya believes that there’s a better way to choose and use benefits. A more transparent, less confusing way for employees to control their health and financial potential. Powered by billions of data points and machine learning, Nayya’s benefits experience platform delivers personalized decision support and guidance during open enrollment, new employee onboarding, qualifying life events, and in the moments that matter all year round.
Headquarters: Palo Alto, California, United States
Founders: Hans Nyvold Kjellby, Lona Alia, Sarah Beyahte Sandnes, Sondre Rasch
Year founded: 2017
Latest funding: $35,000,000 (Series B)
Total funding: $47,120,000
Investors: Y Combinator, Creandum, Kinnevik, Rocketship.vc, byFounders
What they do: SafetyWing is a startup that provides travel medical insurance solutions to remote and gig economy workers. The company operates in the field of insurtech and offers insurance coverage to remote digital nomads through its Remote Health product, an application that offers personalized services for people outside their home country. It provides benefits such as emergency medical treatment, coverage for lost luggage, and travel delay, enabling online freelancers and entrepreneurs with transferable jobs and no fixed incomes to get themselves and their travel insured through cost-effective schemes in real-time.
Headquarters: San Francisco, California, United States
Founders: Ankit Gupta
Year founded: 2017
Latest funding: $5,000,000 (Series B)
Total funding: $87,276,131
Investors: City Light Capital, Questa Capital Management, SignalFire, Frist Cressey Ventures, Romulus Capital
What they do: Bicycle Health is a virtual addiction medicine clinic that helps treat opioid dependence or use disorder. Addiction medicine specialists on the Bicycle Health platform will treat patients and works with the patient's insurance to get reimbursed for their services. The telemedicine-based company uses an interesting model to become an addiction medicine resource that physicians leverage for their patients while maintaining and strengthening their relationship with their patients.
Headquarters: Singapore, Central Region, Singapore
Founders: Anurag Chutani, Theodoric Chew
Year founded: 2019
Latest funding: $19,747,712 (Series A)
Total funding: $32,747,712
Investors: Tiger Global Management, Y Combinator, Pioneer Fund, MS&AD Ventures, East Ventures
What they do: Intellect is a modern-day mental health company with a mission to make mental healthcare & wellbeing support accessible for everyone. Today, Intellect is the largest and fastest growing mental health tech company in Asia, and serves over 3 million members and leading organisations globally through our mental health platform. Intellect was also selected as one of Google’s Best Apps of 2020.
Headquarters: London, England, United Kingdom
Founders: David Duckworth, Sebastian Fallert
Year founded: 2019
Latest funding: $16,000,000 (Series A)
Total funding: $18,500,000
Investors: Seedcamp, Cherry Ventures, Atomico, DN Capital, Matt Robinson
What they do: Ben is the all-in-one employee benefits platform for any company to personalise benefits and reward. Their secret? Marrying a modern software (SaaS) platform with per-employee Mastercards and financial infrastructure. That’s how Ben instantly adds employee choice to your existing benefits, unlocks access to hundreds of additional options through Ben Card, all while saving clients time and money.
Headquarters: Dubai, Dubai, United Arab Emirates
Founders: Ghafoor Ahmad, Karim Dakki
Year founded: 2020
Latest funding: $5,000,000 (Seed)
Total funding: $7,720,000
Investors: Techstars, Arzan Venture Capital, Knuru Capital, Mad'a Investment Company, Wealth Well
What they do: Klaim is an InsureTech platform offering a SaaS medical claim management and financing platform all in one. They provide them with total visibility on their revenue cycle, increase their revenue through reduced claim processing time and errors, and faster payments.
Headquarters: Austin, Texas, United States
Founders: Andy Schoonover
Year founded: 2021
Latest funding: $6,075,000 (Series A)
Total funding: $12,100,800
Investors: Next Coast Ventures, Activate Venture Partners, Lightning Ventures
What they do: CrowdHealth is an alternative to health insurance helps people find quality and fairly priced care. CrowdHealth community is designed and funded differently than health insurance plans.
That’s our list of 12 health insurance companies that received venture capital funding in 2022. We are excited to follow their growth in the years to come!
As funding for insurtech increases, we can anticipate more innovation and new companies entering the multi-billion dollar industry.
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