Sana Benefits raises $60 million

Sana Benefits, a provider of health insurance for small and midsize businesses, announced the closing of a $60 million Series B funding round, co-led by Trust Ventures and Gigafund. American Family Ventures, mark vc, Breyer Capital, JAM Fund, and Liquid 2 participated in the round. Last October Sana raised $20 million in a Series A extension round.

Founded in 2017, Sana, which is available in eight states, is on a mission to expand health insurance options for small and midsize businesses. The startup offers medical, dental, and vision plans and members enjoy virtual primary care, mental wellness, physical wellness, and more. In January, the company opened Sana MD in Austin, Texas, its first primary care health center for members.

Sana provides level-funded health insurance and a stop-loss insurance policy is included to cover any excess claims.

“Trust Ventures and Gigafund have been investors since our seed round. They believe in Sana’s mission and have been valuable partners over the last three years. They’ve seen the opportunity that lies ahead and have supported us every step of the way.” “We’re excited to use this funding to bring Sana and reliable, affordable health care to more small businesses and their employees. We have an incredible group of investors who are all experts in some facet of our business, and their desire to continue to invest in us is a strong affirmation that Sana is offering a great solution to a big problem.” – Will Young, Sana co-founder and CEO.

“Health insurance is a critical way employers can support their employees, but small business health care has been stagnant for decades. Sana delivers dramatically better care at lower prices that meets users where they’re at. Sana has a revolutionary all-access network so that members can keep their preferred providers as well as telehealth and access to the best health and wellness apps on the market – all at a lower cost to small businesses than legacy health insurance. Trust Ventures is proud to support Sana as they continue delivering on their mission of revolutionizing American health care.” – Salen Churi, Trust Ventures general partner.

“Gigafund has now led four separate rounds of investment in Sana because the team continues to impress us with their phenomenal vision and execution. Sana empowers small businesses to cut costs and help their employees become happier and healthier. The company is improving the health care system and eliminating inefficiencies that strangle the economy.” – Stephen Oskoui, Managing Partner of Gigafund.