Health and wellness startup Health IQ announced a successful new funding round to help reward employees who take up healthier lifestyles with lower health insurance rates.
The company announced that funding from Greenspring Associates, Aquiline Technology Growth, Hanwha Asset Management, Andreesen Horowitz and other investors help the company secure $55 million in Series D funding. The company wants to use the new funding to expand their special rates and rewards for their participating clients.
“Consumers are responding well to our lower rates,” said Munjal Shah, Health IQ CEO in a statement. “Our company has reached $21 billion in client coverage and is adding an additional $2 billion every few weeks. Since our last funding announcement in 2017 (they raised $34 million, Series C) our coverage amount has tripled.”
The company has raised $139.5 million since its inception.
Heath IQ points out in the last three years, its special rate savings for its clients increased from 4% to 41%. The average life insurance client that works with the startup will save $4,290 with rate savings and/up to $6,280 through underwriting savings over the duration of a 30 year policy.