XP Health bags $17.1m for vision coverage

XP-Health-$17.1m-Series-A-funding-vision-insurance-coverage

XP Health, a company creating a digital-first platform looking to transform vision benefits for insurance carriers and companies, has raised $17.1m in Series A funding.

The round was led by HC9 Ventures, Valor Capital Group and ManchesterStory.

Additional investors included Canvas Ventures, CameronVC, Core Innovation Capital, GSR Ventures, and Plug and Play, as well as high profile angels like Ken Goulet (former EVP Anthem), Kevin Hill (former regional CEO United Healthcare), Jeff Epstein (CFO of Oracle, partner at Bessemer Venture Partners) and Brett Rochkind (former managing partner General Atlantic).

XP Health said this capital will bolster XP Health’s drive to reinvent how people experience vision benefits.

The company offers a high-quality, innovative vision care benefit that doubles the value of coverage while reducing costs by half for members.

According to XP Health, vision coverage has remained static, complicated, expensive, and unsatisfying for decades. An estimated 93 million adults in the United States (about 25% of the population) are at high risk for serious vision loss, but only half visited an eye doctor in the past 12 months.

This recent fundraise follows a successful 2021 for the company, during which it raised $5.5m and was named one of Fast Company’s Most Innovative Companies. Starting with just 30 clients last year, XP Health now services 1,500, including high-profile companies like Docusign, Chegg, Navistar, Sequoia Consulting, and strategic partners Guardian Life Insurance and The Health Benefit Alliance. All-in, XP Health covers more than 250,000 people.

Antonio Moraes, co-founder, and CEO of XP Health, said, “This round of funding enables us to strengthen the platform’s functionality and provide a stellar consumer experience in the most affordable way to employers, insurance carriers, and employees.

“We have a game-changing offering for how people access and experience employee benefits – with an ultimate goal to positively impact hundreds of millions of lives through high-quality, accessible, and affordable health benefits.”

Jify, an employee benefits startup, recently raised $10m in funding to scale up its offering in the Indian market.

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