The funding round values the company at $1.5B. Here are the top-line bullets you need to know.
Collective Health, an employer health benefits management platform, has raised $280M in a Series F. The round drew participation from Health Care Service Corporation (HCSC), DFJ Growth, Founders Fund, New Enterprise Associates, and SoftBank, among others.
How’s the company performing?
- California-based Collective Health helps employers to manage their workers’ healthcare benefits over a single comprehensive platform.
- The company’s clients include Pinterest, CrossFit, Drive Nation, Activision Blizzard, RH, Jazz Pharmaceuticals, Palantir, Red Bull, and Zendesk, among others.
- Collective Health has over 500 employees and serves around 300,000 employees from over 55 companies around the US.
- The company’s membership has grown 10x over the last few years.
- Collective Health announced a strategic partnership with HCSC to provide its healthcare platform to self-funded Blue Cross and Blue Shield insurance members from January 2022.
Source: Collective Health
Why does the market matter?
- The global benefits administration software market is projected to grow at a CAGR of 8.3% and reach a value of $949.8M by 2024, according to Reports n Reports.
- The sector is seeing significant growth in investment, registering 300+ unique deals with $9.3B in total funding since 2015 as of October 2020.