Angle Well being, a digital insurance coverage startup, secured $58 million in Sequence A funding, which it’s going to 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 affords care navigation companies by its care staff. Its customizable well being plans embody telemedicine, behavioral well being and different digital well being options. It may additionally assist with cost 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’d say our two differentiating components are one, our potential to construct totally customizable bundles,” mentioned Anirban Gangopadhyay, co-founder and chief know-how officer, in an interview. “The second is the member expertise, the place we constructed by our cellular app a chat-first expertise the place members come to us for that first level of take care of 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, mentioned Ricky Lai, accomplice on the investor.
“Angle Well being brings a customizable, totally digital resolution to an trade dominated by inflexible profit plans, opaque underwriting, tough switching prices, and siloed level options,” Lai mentioned in a information launch. “Simply as innovators like Kin and Lemonade have performed for private traces of insurance coverage — Angle has made medical insurance extra handy, approachable, and inexpensive for employers and members.”
With the funding, Angle Well being plans to broaden into new markets and develop its membership, Gangopadhyay mentioned. 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 insurance area. Earlier than founding Angle Well being, the duo labored at Palantir, a giant knowledge analytics firm.
“At Palantir, we labored with giant healthcare corporations and we noticed how damaged programs have been from the within with knowledge silos, organizational silos, making easy issues like understanding which suppliers are in community very tough to glean for members,” Gangopadhyay mentioned.
Angle Well being’s opponents embody conventional insurance coverage corporations like Blue Cross Blue Defend, UnitedHealthcare, Cigna, Anthem and Aetna. There are additionally some startups within the area that promote to employers, like Firefly Well being.
Image: Feodora Chiosea, Getty Pictures
