Workforce health management company Collective Health has closed a $110m round of funding to support expansion of its technology platform.
Contributions to the round came from new investors including Sun Life Financial and Mubadala Ventures. Existing backers, NEA, Founders Fund, GV, and Maverick Ventures also made contributions to the investment.
Collective Health helps companies to connect the health benefits ecosystem which includes health plans, benefits programs, spending accounts, and employee support. Founded in 2013, the platform helps to verify claims, eligibility and data sharing through health programs, while also automatically reconciling and processing payments.
The solution, which is also available through a mobile app, provides analytics to manage healthcare investments, and ensuring there are no overspending.
Alongside the new wave of capital, the company has launched the collective health platform, which provides a platform to support the employer-driven healthcare economy by analysing data and user experience. The new solution will integrate medical claims, people data and program utilisation across the healthcare system to help connect the correct people when needed.
The new offering offers a health plan administration and data engine which can process all parts of the plan for medical, dental, vision and pharmacy, eligibility, claims and payments.
Over the past year, the company has grown its client base by 100 per cent and serves 30 enterprise clients and 120,000 members across all 50 US states. To support the growth, the company is opening a new office in Chicago and is boosting its presence in Georgia, New York and California.
Capital from the round will be used to accelerate the development of its new platform and scale its operations to meet customer demand.
Collective Health CEO and co-founder Ali Diab said, ?The way we access, pay for, and improve healthcare in the U.S. is undergoing a fundamental shift??one driven by employers. Employers not only pay for the vast majority of private healthcare in America, they are also running healthcare plans that pioneer the most innovative approaches to delivering care, creating a massive market opportunity for a new generation of healthcare companies,p>
Earlier in the week, Mubadala co-led the $100m investment in to C2FO, a working capital marketplace that helps suppliers to be paid early.
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