Digital Well being Insurance coverage Supplier Angle Well being Pulls in $58M
Angle Well being, a digital insurance coverage startup, secured $58 million in Sequence A funding, which it’ll use to develop its membership, the corporate introduced Wednesday.
San Francisco-based Angle Well being, based in 2019, is a digital healthcare advantages supplier for employers. Its AI-powered app presents care navigation providers by its care group. Its customizable well being plans embody telemedicine, behavioral well being and different digital well being options. It could additionally assist with fee processing, billing and invoicing. Angle Well being covers tens of 1000’s of lives in Arizona, Georgia, Indiana, Missouri, Ohio, South Carolina and Utah.
“I might say our two differentiating components are one, our means to construct absolutely customizable bundles,” stated Anirban Gangopadhyay, co-founder and chief expertise officer, in an interview. “The second is the member expertise, the place we constructed by our cell app a chat-first expertise the place members come to us for that first level of look after any query they’ve.”
The $58 million funding spherical was led by Portage and included participation from PruVen Capital, Wing Enterprise Capital, SixThirty Ventures, Mighty Capital, Wormhole Capital, Mindset Ventures, Crew Capital, Aloft VC and Waseem Daher, founding father of Pilot. Together with its $4 million seed spherical, Angle Well being has raised $62 million.
Portage selected to spend money on Angle Well being due to the disruption it brings to conventional well being plans, stated Ricky Lai, associate on the investor.
“Angle Well being brings a customizable, absolutely digital resolution to an trade dominated by inflexible profit plans, opaque underwriting, troublesome switching prices, and siloed level options,” Lai stated in a information launch. “Simply as innovators like Kin and Lemonade have carried out for private traces of insurance coverage — Angle has made medical health insurance extra handy, approachable, and inexpensive for employers and members.”
With the funding, Angle Well being plans to increase into new markets and develop its membership, Gangopadhyay stated. It’ll additionally work to additional develop its product and choices, he added.
The corporate was created out of Gangopadhyay and Co-founder and CEO Ty Wang’s personal frustration with the medical health insurance house. Earlier than founding Angle Well being, the duo labored at Palantir, an enormous knowledge analytics firm.
“At Palantir, we labored with massive healthcare firms and we noticed how damaged methods had been from the within with knowledge silos, organizational silos, making easy issues like understanding which suppliers are in community very troublesome to glean for members,” Gangopadhyay stated.
Angle Well being’s opponents embody conventional insurance coverage firms like Blue Cross Blue Defend, UnitedHealthcare, Cigna, Anthem and Aetna. There are additionally some startups within the house that promote to employers, like Firefly Well being.
Image: Feodora Chiosea, Getty Pictures
