Nava Benefits, a modern benefits brokerage on a mission to bring affordable healthcare and insurance to all Americans, has raised $40m in Series B funding.
The round was led by Thrive Capital, with participation from existing investors Avid Ventures, Quiet Capital, and Sound Ventures.
New investors GV, K5 Ventures, and Homebrew also participated, alongside One Medical founder, Tom Lee; the former CBRE global chief financial officer, Jim Groch; and Maven Clinic’s VP of sales, Isha Vij.
Nava said the infusion of capital will be used to accelerate its efforts to bring the benefits playbook of Fortune 500 companies downstream to SMBs, improving healthcare literacy support for the employee while driving down costs for the employer.
Many Americans are struggling to access high-quality and affordable healthcare, Nava said. But while Fortune 500s have the resources to fill the care gap and offer new benefits, SMBs do not have the same support due to cost and resource constraints. Moreover, small and medium-sized businesses saw cost-per-employee increases of 9.6% in 2021, as compared to 5% for larger companies.
Nava said its technology and consulting offering level the playing field by reducing costs and exposing employers and employees at SMBs to a wide array of modern benefits, including primary care, mental health, fertility and adoption assistance, and a host of other offerings.
Brandon Weber, Nava co-founder and CEO, said, “Since day one we’ve been committed to levelling the playing field for SMB employers and their people by giving them access to the same benefits, tools, and member support enjoyed by the Fortune 500, and our progress to date is proof that the approach is working.
“Our large market renewal trend is one third of the national average. We look forward to scaling our approach and reaching more Americans to provide them with better health education and benefits.”
Walnut is another company looking to increase access to affordable healthcare in the US. The buy now, pay later (BNPL) startup raised $110m in a Series A round.
Copyright © 2022 FinTech Global
