In a new funding round, health management startup Collective Health has added another $110 million to the coffers from existing high-profile investors such as Founders Fund and Alphabet’s investment arm GV. This funding has led the total investment to reach $230 million.
Ali Diab and co-founder Rajaie Batniji formed Collective Health as a way to cut out health insurance and instead offer employers a way to pick and choose which things they want covered for their employees. The hope was this would make for a less expensive and more efficient process. Collective Health caters to the health needs of more than 120,000 individuals — up from 30,000 in 2015 — across several high-profile employers, including RH (formerly Restoration Hardware), as well as tech companies such as Palantir, SpaceX and eBay.
Diab said in a statement, “Employers’ ability to drive positive change in healthcare is being hampered by antiquated technology that keeps all pertinent healthcare and financial information locked in disparate, legacy systems. The Collective Health Platform eliminates this fragmentation, removing inefficiencies, lowering costs, and improving the experience for American employers and workers.”
The new funding will be used to “accelerate development” of the platform and hire more people within the company to support a rapidly growing base of new customers.
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