Angle Health, a health benefits platform, announced Friday that it secured $600 million in funding, reaching a $2.7 billion valuation.
San Francisco-based Angle Health is a digital healthcare benefits provider for employers, particularly small and mid-sized employers. Its AI-powered app offers care navigation services through its care team. Its customizable health plans include telemedicine, behavioral health and other digital health solutions. The company serves more than 5,000 employers across 47 states.
The funding round was led by Vitruvian Partners, with participation from Town Hall Ventures, Blumberg Capital, Portage Ventures, PruVen Capital and Y Combinator. The round includes $200 million in Series C financing and a $400 million tender offer. Angle Health has raised $334 million in primary equity funding to date.
According to Vitruvian Partners, Angle Health is replacing outdated systems and manual processes with an AI-powered healthcare platform.
“Its combination of technology, industry-leading growth and retention, and financial stability in an increasingly volatile market is proof that the team at Angle Health has built something truly needed,” said Jeremy Gelber, partner at Vitruvian, in a statement. “At Vitruvian, we focus on aligning capital with change, so we are thrilled for the opportunity to help Angle Health scale its impact and expand access to high-quality healthcare for working Americans.”
With the financing, Angle Health will invest in its technology platform and improve navigation to high-quality, condition-specific care, according to Angle Health CEO Ty Wang.
“The goal is to make it easier for employees to access the right care while helping employers better manage healthcare costs and creating greater transparency across the healthcare ecosystem,” Wang said.
Research shows that employers are battling skyrocketing healthcare costs, and smaller businesses are disproportionately affected. About 30% of businesses with fewer than 50 employees report that health insurance costs are worsening their business situation, according to a survey from Morgan Health.
This is something Angle Health hopes to solve.
“Accessing high-quality healthcare in the U.S. is still too complex, expensive, and fragmented,” Wang said. “We’re rebuilding the infrastructure and pathways to care so employees can more easily find and access high-quality treatment, while giving employers greater transparency and control over healthcare costs. Ultimately, we’re working toward a healthcare system where affordable, high-quality care is accessible to all Americans.”
Photo: Richard Drury, Getty Images
