Collective Health, a health tech company based out of San Francisco, California, announced they have raised new money to push its business healthcare platform forward.
The $205 million round of funding comes from lead investor SoftBank Vision Fund, along with PSP Investments, DFJ Growth, and G Squared. Existing investors joining in this round include Founders Fund, Google Ventures, Maverick Ventures, Mubadala Ventures, New Enterprise Associates and Sun Life. The total raised by Collective Health is $245 million since 2015.
Collective Heath makes employer provided healthcare simple with an integrated technology solution that makes health insurance work for everyone. With more than 200,000 members and over 45 enterprise clients—including Driscoll’s, Pinterest, Red Bull, Restoration Hardware, Zendesk and more—Collective Health is reinventing the healthcare experience for forward-thinking employers and their people across the U.S.
The startup plans to use the new funding to accelerate adoption of its enterprise healthcare platform in U.S, deliver even greater technology capabilities to address fundamental health insurance service issues that plague U.S. consumers and employers alike, accelerate adoption of its platform and deepening partnerships beyond the 80 partners it currently has, and build on increasing demand from American employers looking to address the ballooning complexity and cost of healthcare.
“We’re appreciative of our investors, both new and returning, in their commitment to supporting our mission to fix the deepest rooted problems in healthcare today,” said Ali Diab, Co-founder and CEO of Collective Health, in a statement “We’re excited to have the SoftBank Vision Fund lead the round given their proven track record of supporting category-defining companies, and they share our vision for a better healthcare experience. Whether working with more networks or helping facilitate direct relationships between employers and provider systems, we will continue to set the standard for the industry with a focus on the customer, providing the healthcare experience we all deserve.”
“With U.S. healthcare costs at $3.65 trillion in 2018, Collective Health is reinventing the healthcare experience for companies and their employees,” adds Deep Nishar, Senior Managing Partner at SoftBank Investment Advisers. “Their innovative business model and technology platform are not only helping employers understand and optimize their healthcare spend, they are also providing employees with a better healthcare experience.”
Collective Health, in business since 2013, is headquartered in San Francisco, CA with more offices in Chicago, IL and Lehi, UT.
Video source: Collective Heath/You Tube