The digital first provider which is headquartered in San Francisco, Angle Health has announced the completion of its Series A funding round, which raised $58mn led by Portage, a global investment platform focused on fintech and financial services.
Other participants included PruVen Capital, Wing Venture Capital, SixThirty Ventures, Mighty Capital, Wormhole Capital, Mindset Ventures, Crew Capital, Aloft VC, and Pilot founder Waseem Daher; and support from existing investors Blumberg Capital, Correlation Ventures, TSVC, and Y Combinator.
Insurtech Angle Health, launched in 2021, is a fully-licensed health insurance provider that aims to bring transparency, simplicity, and ease of use to members, employers, and brokers in a frictionless experience.
The company aims to bridge the gap between health insurance, traditional healthcare providers, digital health, and wellness by bringing these disparate point solutions into a cohesive ecosystem.
Numerous innovations have come out of the woodwork in recent years in a collective effort to improve the U.S. healthcare system. While telehealth offerings can be useful, those who actually get to benefit from these solutions are often limited because their healthcare plan doesn’t cover specialty services. As access to healthcare in our country hinges on insurance, Angle Health hopes to democratize access to modern care services with a fresh round of capital for its insurtech solution.
Angle health uses next-generation technology to power its integrated, AI-enabled platform. It also offers tailored comprehensive healthcare benefit plans for employers alongside telemedicine, behavioral health, and other digital health solutions – normally sitting outside of the traditional health insurance environment at minimal to no cost for members.
The insurtech’s policies are also reinsured by an insurer with a financial strength rating of A+ from both A.M. Best and Standard & Poor’s.
The funding round announcement follows the health insurtech’s recent expansion into Arizona, Georgia, Indiana, Ohio, Missouri, and South Carolina.
Angle Health has an initial focus on the employer-sponsored health plan segment – which is currently estimated to be a $1.2+ trillion market covering over 155 million Americans.
Angle Health has proved a popular choice and it therefore already providing protection for tens of thousands of members on its fully-insured and self-funded products since launching in 2021.
by Peter Sonner