Health insurance company Angle Health has netted $4m in its seed round, which was led by Blumberg Capital.
Additional contributions came from Y Combinator, Correlation Ventures, TSVC, Liquid 2 Ventures and a number of unnamed angels.
Capital from the round will be used to complete the regulatory filing process and launch its mobile application. Furthermore, the company will integrate infrastructure to support greater accessibility to medical services, including primary and urgent care, mental health, chronic disease management and reproductive health.
Angle Health is launching a health insurance plan designed to help startups save on benefits costs by offerings cover relevant to employees. The startup combines behavioural health programmes with machine learning to offer members with insights to incentivise healthier lifestyles.
Its mobile-application will enable clients to manage all aspects of their health insurance, including submitting claims, booking appointments, engaging with providers over telehealth, managing and ordering prescriptions, and tracking spend.
The technology can also integrate with HR platforms to enable streamlined enrolment and billing for employees.
Angle is hoping to become ACA-compliant, covering all federal and state essential health benefits.
Blumberg Capital founder and managing partner David Blumberg said, “Within the broad and rapidly evolving market for health insurance in the U.S., we were particularly attracted by Angle Health’s focus on the startup demographic which is severely underserved and hungry for technological innovation – at highly attractive unit economics.
“The growth potential for Angle Health is massive. Technological advances are making medical services ever more accessible through easy access digital offerings, telemedicine and virtual healthcare. Angle Health will deliver the flexible, mobile-first, health care benefits that startups seek at affordable prices.”
Blumberg Capital has made a number of investments this year, including a contribution to data analytics platform SQream. The startup closed a $39.4m Series B+ round, which is being used to hire more staff and deepen its technology capabilities.
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