Angle Health raises $200 million

Angle Health  has secured a $200 million Series C financing at a $2.7 billion valuation.

The round was led by Vitruvian Partners, with participation from new investor Town Hall Ventures and existing investors Blumberg Capital, Portage Ventures, PruVen Capital, and Y Combinator. The transaction also includes a $400 million tender offer for existing shareholders, bringing the total financing announcement to $600 million.

Founded in 2019 and launched in 2021, the San Francisco-based health benefits company offers customizable employer health plans across 47 states. It currently serves more than 5,000 employers and manages nearly $1 billion in annualized premium equivalents.

Angle reported 120% year-over-year growth and four consecutive quarters of positive EBITDA and GAAP net income. The financing comes less than 10 months after its Series B round.

The company’s technology supports health plan administration, underwriting, enrollment, and care navigation. Its Benefit Builder platform allows brokers to generate underwritten quotes and customize plans, while its Quote-to-Card product supports group implementation.

Angle plans to use the funding to expand its technology platform and care-delivery capabilities. The company said its median year-over-year renewal increases have ranged from 5% to 7%, compared with an 18% median increase among small and midsize employers.