Digital employee health benefits platform League has secured CAD $62m ($47m) in growth funding.
The lead investor was TELUS Ventures and also received contributions from Wittington Ventures and existing backers, OMERS, Infinite Potential Group, RBC Ventures, Real Ventures and BDC Ventures.
Founded in 2014, League provides a suite of apps to lower operating costs for companies’ health benefit programs, while boosting efficiency for administrators. Services provided include a unified digital wallet which lets employees spend their benefit dollars on health treatments they need.
The company also gives employers the chance to establish a group health insurance plan to cover employees medical, prescription drugs, dental, and vision bills.
This capital injection will be used to fuel League’s growth, which will include the launching of new offices in San Francisco, New York and London. The company started its operations in the US market in 2017, and now covers all 50 states. Next year, League will look to start operation in the UK and Europe.
Proceeds will also be put towards improving member experience, convenience, personalisation, navigation, and better health outcomes. The company will also develop its benefits cloud to offer a broader choice of benefit provider, and microbenefits, while driving automation and cost savings for employers.
League founder and CEO Mike Serbinis said, “Health benefits represent a tremendous opportunity to improve the lives and health outcomes for employees, but they’re not currently driving the business value employers should expect from their investment.
“League gives them greater control over their spend while delivering an unparalleled employee experience that maximizes both health and productivity.”
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