Health insurance startup Angle Health raises $58 million

Health benefits company Angle Health announced that it has received $58 million in Series A funding.

Portage led the round with SixThirty Ventures, Crew Capital, PruVen Capital, Mighty Capital, Aloft VC, Wing Venture Capital, Mindset Ventures, Wormhole Capital and Wasim Daher, founder of Pilot, a company providing accounting services to technology startups.

Existing investors Correlation Ventures, Blumberg Capital, Y Combinator and TSVC also supported the round.

WHAT IT DOES

Angle Health is a health insurance and benefits provider aimed at startups and technology companies that integrates with HR platforms for a fully digital enrollment and billing process.

The California-based company provides telemedicine, behavioral health and other digital health services to its members, including ordering and managing prescriptions and tracking expenses through a mobile app.

The company launched in 2021 and was only available in Utah, but in November announced its expansion into Arizona, Ohio, Georgia, Indiana, South Carolina and Missouri.

The newly received funds will be used to continue expansion into new markets.

“At Angle Health, we have an ambitious vision to unify the fragmented health benefits system that today severely limits the access and affordability of modern health services such as telemedicine, digital behavioral health and chronic disease management,” Tai Wang, CEO of Angle. health,” the statement said.

“Just as navigation and sharing tools have eliminated the need to read maps and street signs to travel the physical world, Angle Health eliminates the need for members to navigate the complexities of the healthcare system on their own and empowers members to get help without breaking the bank.”

MARKET REVIEW

In 2020, Angle Health announced that it has received $4 million in initial seed funding to launch a mobile app and complete regulatory filings.

The following year, Angle announced a partnership with an employee benefits provider. Beam Dental will offer dental benefits to Angle members, and Doctor on Demand by Included Health will offer on-demand virtual emergency care and mental health services.

Another space-based health benefits company startup is Pebble, which offers curated health insurance plans for small businesses and third-party offers for employees that their employers may not cover. Recently the company launched with a second round of $12 million in seed funding, bringing the total fund raised to $17.3 million.

Other companies include a virtual health insurance provider. Firefly Health and Chicago-based HealthJoy digital employee benefits platform.