Consumer / Employer, Health IT, Startups

Maxwell Health will use Series B to broaden employee benefits services, add staff

Maxwell Health, which works with employers to present benefits packages to make them easier and […]

Maxwell Health, which works with employers to present benefits packages to make them easier and more appealing for employees to navigate and use, has raised $26.4 million, according to a company statement. It plans to allocate funds towards its “product roadmap,” supporting its service team and expanding its sales team.

The company currently has 68 staff compared with 14 at the start of 2013, according to an emailed statement. It projects that it will have about 100 by the first quarter of 2015.

Adams Street Partners led the Series B round. Cambia Health Solutions and Schooner Capital are also participating in the round. Other investors include Brothers Brook, founded by Jeffrey Boyd — the former CEO of Priceline Group who is chairman of the board of directors, and former Priceline CFO and Annox Capital founder — Robert Mylod. Current investors also participated in the round including Vaizra Investments, Tribeca Venture Partners, Catalyst Health Ventures, Serious Change, and Lerer Hippeau Ventures.

Its app functions as an insurance ID card. The company has been adding functions onto its wellness program. Its app aggregates data from Fitbit and Jawbone fitness devices to help employees track their fitness and sleep quality with an incentive tied in. Another app service lets users snap photos of their medical bill. Through the company’s Health Advocate program, it can work with employees to make it easier to understand or negotiate lower prices. A collaboration with telemedicine company Doctor on Demand means Maxwell Health can also hook up employees with a doctor in a video call.

Employer wellness plans could benefit from a business that can change the status quo. Some recent posts by Health Affairs Blog and the Incidental Economist show they have not been successful in saving money. There’s even been some pushback from at least one employee who don’t want to submit personal health data.

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