Collective Health closes $280 million Series F round
Employer health benefits management platform Collective Health announced it secured $280 million in funding in a Series F round led by Health Care Service Corporation (HCSC), the largest customer-owned health insurer in the US, which operates in five states.
Additional backing was provided by new and existing investors, including DFJ Growth, Founders Fund, G Squared, Maverick Ventures, NEA, PFM Health Sciences, SoftBank Vision Fund 1, Sun Life, and others.
Founded in 2013, Collective Health provides employees with a technology platform that allows them to link different health benefits, such as medical, prescription drug, dental, vision, and other specialized offerings, on a single platform.
“One of the most significant pain points in our economy and society is the lack of a powerful and flexible technology infrastructure to help people understand, navigate, and pay for healthcare. Collective Health has changed that with our platform. This latest round of funding enables us to further our vision of empowering American workers and their families to live healthier lives. By expanding the scope and reach of our platform and partner ecosystem, we can broadly deploy the infrastructure for the next generation of healthcare.” – Ali Diab, Collective Health’s CEO and Co-Founder.
Also, beginning January 1, 2022, HCSC will offer Collective Health to self-funded Blue Cross and Blue Shield customers in Illinois and Texas, with plans to expand into all of HCSC’s markets.
“HCSC is committed to offering benefits and support that facilitate a seamless, impactful, and user-friendly healthcare experience for our members and customers. We look forward to working with Collective Health and its innovative digital technology platform to further complement our portfolio of solutions that meet customers’ evolving health care needs.” – Maurice Smith, president, and CEO, HCSC.
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The program will initially launch with partners in the categories identified to have the most impact on benefits plans, including virtual primary care, telemedicine, behavioral health, cancer, diabetes, musculoskeletal/digital physical therapy, and family building, but will expand into other categories over time.