Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    FTC fines GoodRx for sharing consumer health data with advertisers

    February 2, 2023

    What we know about Milwaukee’s 2024 Republican convention

    February 2, 2023

    More and more business owners are turning to artificial intelligence to stay competitive

    February 2, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    Zepp News
    • Business
    • Entertainment
    • Health
    • Politics
    • Sports
    • Technology
    Zepp News
    Health

    Angle Health raises $58 million in Series A funding

    shivachetanbijjal@gmail.comBy shivachetanbijjal@gmail.comJanuary 25, 2023No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Angle Health’s $58 million Series A round will bring the tech-enabled insurer to profitability, CEO Ty Wang told Axios.

    Why it matters: Unit economics—like a path to breakeven—is becoming increasingly important to early-stage healthtech companies and their investors.

    How it works: Angle is a full-stack health insurance company that provides tailored healthcare benefits to small and medium-sized businesses.

    • In addition to offering benefits, the company offers Care Navigator to help members access behavioral health, telehealth and disease management services.
    • The firm’s clients include NFP, Gallagher, GBS/Leavitt, Aon and Hub.
    • Angle has partnered with Cigna to give its members access to a national network of healthcare providers, Wang said.

    detail: Angle generated “tens of millions” of revenue, Wang said, but declined to give details.

    • The round was led by Portage, with participation from PruVen Capital, Wing Venture Capital, SixThirty Ventures, Mighty Capital, Wormhole Capital, Mindset Ventures, Aloft VC and Pilot founder Waseem Daher.
    • Wang told Axios that the Series A round will be raised in two tranches. Angle raised $21 million in equity and $10 million in debt over the summer, before Portage came in to lead another $27 million infusion, he said.
    • Existing investors Blumberg Capital, Correlation Ventures, TSVC and Y Combinator participated.

    Precautions: Publicly traded “insurtechs” such as Oscar Health, Bright Health Group, and Clover Health — most of which operate in the direct-to-consumer health insurance market and thus do not compete directly with Angle — have cut market share to turn a profit .

    What are they saying: Angle’s customization sets it apart from other market players, Wang said.

    • Small and medium-sized businesses “are often limited to ‘off-the-shelf’ plans, which can confuse their staff and disrupt existing healthcare services,” Wang said.
    • “We can customize these health plan packages for employers based on their needs,” he said, noting that 80 percent of Angle’s health plans are tailor-made.

    Between the lines: Portage has a long history of investing in the insurance industry, but Angle is its first investment in North American healthcare.

    • Ricky Lai, Partner at Portage, said: “Our LP base includes many insurance companies with strong relationship networks in the healthcare and health insurance sectors.”

    conspiracy: Angle sees itself as a provider of ultimate care, like its larger payer peers (cough, Optum), Wang said.

    • “We mainly provide connectivity and coordination around these benefits, both administratively and clinically,” Wang said. “It’s definitely an opportunity and a potential opportunity for us to be providers ourselves and deliver the actual medical care.”

    Game status: In addition to the major commercial insurers, independent third-party administrators such as Collective Health and Flume also serve the employer benefits market.

    • Last year, Flume Health raised a $30 million Series A at a $100 million valuation, while Collective Health raised a $280 million Series F in 2021 at a $1.5 billion valuation.
    • TPAs like this typically serve large companies (500 to 1,000+ employees) that have the resources to design and deliver custom health plans in-house, Wang said, and none of them take on the full risk.
    • “Even with third-party managed services, there are some start-up health plans that can do this, but they don’t cover or take the risk,” Angle co-founder Anirban Gangopadhyay said.

    Source link

    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
    shivachetanbijjal@gmail.com
    • Website

    Related Posts

    FTC fines GoodRx for sharing consumer health data with advertisers

    February 2, 2023

    New report looks at Arkansas policies promoting infant and toddler health

    February 2, 2023

    State Department awards grants to improve Native American health

    February 2, 2023

    Leave A Reply Cancel Reply

    Our Picks

    Noise-Cancelling Headphones For a Superb Music Experience

    January 15, 2020

    Harry Potter: 10 Things Dursleys That Make No Sense

    January 15, 2020

    Dubai-Based Yacht Company is Offering Socially-Distanced Luxury

    January 15, 2020

    The Courier – a New Song with Benedict Cumberbatch

    January 14, 2020
    About Us

    This website is all about Tech Health Fitness Business and many other topic that very helpfull for everyone.

    Thank You.

    Our Picks

    Noise-Cancelling Headphones For a Superb Music Experience

    January 15, 2020

    Harry Potter: 10 Things Dursleys That Make No Sense

    January 15, 2020

    Dubai-Based Yacht Company is Offering Socially-Distanced Luxury

    January 15, 2020

    Subscribe to Updates

    Get the latest creative news from SmartMag about art & design.

    Facebook Twitter Instagram Pinterest
    • Home
    • Buy Now
    © 2023 ThemeSphere. Designed by ThemeSphere.

    Type above and press Enter to search. Press Esc to cancel.