Consumer / Employer, Health IT, Payers, Startups

Maxwell Health closes $22M Series C to move it towards 10 million user goal

It secured investment from new investors including GIS Strategic Ventures,The Guardian Life Insurance Company of America's venture arm; Sun Life Financial; and Cendana Capital.

maxwell_health.app-detail_screensMaxwell Health, a health IT startup that works with employers to help them manage health insurance and other benefits, has closed a $22 million Series C round. In an interview with Xconomy, Co-founder Veer Gidwaney said the funding would be used to help the company move closer to its goal of 10 million users by 2020.

It secured investment from new investors including GIS Strategic Ventures,The Guardian Life Insurance Company of America‘s venture arm; Sun Life Financial; and Cendana Capital. They were joined by established investors in the Series C round: Adams Street Partners, Cambia Health Solutions, Catalyst Health Ventures, Industry Ventures, Lerer Hippeau Ventures, Schooner Capital, Tribeca Venture Partners, and Vaizra Investments.

Gidwaney told Xconomy: “the expectations are so high that you’ve got to be able to reach a particular scale, which we’ve been able to get to…It helps us earn a seat at the table. We’ve gotten that now, and as a result we’re able to, I think, do some really neat things.”

The fundraise follows a $26.4 million Series B round dating back to December 2014. At that time it had 68 staff. It currently employs 150, according to Xconomy.

In addition to helping employees understand and manage their health insurance and other benefits, it also provides services such as spotting and correcting medical billing errors, and work with employees to negotiate lower prices. It also provides a telemedicine service through a collaboration with Teladoc.

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