Canadian startup League, which provides a digital employee health benefits platform, has raised C$62 million (or about $47.5 million) in a round led by TELUS Ventures. Wittington Ventures, as well as existing investors OMERS, RBC Ventures, Real Ventures, Infinite Potential Group and BDC IT Venture Fund also took part.
The Toronto company’s platform seeks to give employers the chance to build a health and wellness-focused culture. In addition to offering online benefit selection and carrier enrollment, the solution offers gives employees access to deals on wellness products, a customer service chat and behavior-based health rewards.
“We’re in a unique position as a provider of comprehensive benefits on an all-encompassing digital platform,” League founder and CEO Mike Serbinis said via email. “Other companies hit certain aspects of health benefits or insurance, but do not bring all of the pieces together in a consumer-centric approach like League.”
Serbinis said the company will use the fresh capital to fuel growth, particularly as it opens offices in New York and San Francisco. The money will also go toward building League’s benefit cloud, deepening its offerings to customers and improving the overall member experience.
“We believe that innovative companies like League — which deliver compelling, consumer-centric experiences — will not only drive high employee and employer engagement, but will also deliver fundamental improvements in health outcomes for Canadians through their carrier-friendly open platform,” TELUS Ventures managing partner Rich Osborn said in a news release.
The startup, which was incubated through the MaRS Discovery District in Toronto, was founded in 2014. That same year, it secured $4 million in seed funding to support its official launch in early 2015. OMERS Ventures, Foundation Capital, Real Ventures and Infinite Potential Group led the round.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
Since its inception, League has continued expanding by adding bigger companies and going to new markets, Serbinis said. The company does work with small to mid-sized clients, but it serves larger organizations too, such as Uber and Unilever. It currently has over 100 customers, Serbinis noted.
In 2017, the startup moved into the U.S. market and it is now licensed to operate in all 50 states. Additionally, it’s planning to expand to the United Kingdom and Europen Union markets next year.
“We’ll also be continuing to expand our services and customer base as demand grows,” Serbinis said.
Photo: Hong Li, Getty Images
