Health insurance startup Angle Health scores $58M
Health benefits company Angle Health announced it had scored $58 million in Series A funding.
Portage led the round, with participation from SixThirty Ventures, Crew Capital, PruVen Capital, Mighty Capital, Aloft VC, Wing Venture Capital, Mindset Ventures, Wormhole Capital and Waseem Daher, founder of Pilot, the accounting services company for technology startups.
Existing investors Correlation Ventures, Blumberg Capital, Y Combinator and TSVC also supported the round.
WHAT IT DOES
Angle Health is a health insurance and benefits provider tailored for startups and technology companies that integrates with HR platforms for an all-digital enrollment and billing process.
The California-based company provides its members with telehealth, behavioral health and other digital health services, including prescription ordering and management, and spending-tracking via a mobile application.
The company launched in 2021 and was only available in Utah, but in November announced its expansion to Arizona, Ohio, Georgia, Indiana, South Carolina and Missouri.
The newly received funds will be used to continue its expansion into new markets.
“At Angle Health, we have an ambitious vision to unify the fragmented healthcare benefits system, which today severely limits access to, and availability of, modern healthcare services like telemedicine, digital behavioral health and chronic disease management,” Ty Wang, CEO of Angle Health, said in a statement.
“Just as tools for navigation and ride-sharing have eliminated the need to read maps and street signs to traverse the physical world, Angle Health is eliminating the need for members to navigate the complexities of the healthcare system on their own, and empowering members to get care without breaking the bank.”
In 2020, Angle Health announced it garnered $4 million in initial seed funding to help launch its mobile application and complete regulatory filings.
The next year, Angle announced it teamed up with employee benefits provider Beam Dental to offer Angle members dental benefits and Doctor on Demand by Included Health to offer on-demand virtual urgent care and behavioral health services.
Another startup in the health benefits space company is Pebble, which offers curated health plans to small businesses and third-party offerings to employees that their employers may not cover. The company recently launched with a $12 million second seed funding round, bringing its total raise to $17.3 million.
Other companies include virtual-first health plan provider Firefly Health and Chicago-based digital employee benefits platform HealthJoy.