Maxwell Health, a Boston, Massachusetts-based benefits and HR platform and marketplace, closed a $22m Series C round of funding.
Backers included new investors GIS Strategic Ventures — the Strategic Initiatives arm of Guardian Life Insurance Company, Sun Life Financial, and Cendana Capital, as well as existing investors Adams Street Partners, Cambia Health Solutions, Catalyst Health Ventures, Industry Ventures, Lerer Ventures, Schooner Capital, Tribeca Venture Partners, and Vaizra Investments.
The company, which has raised $56.4M to date, will use the funds to continue to invest in its benefits and HR platform, marketplace of insurance, lifestyle, and financial products as well as in solutions to empower partners to serve small and mid-sized business across the country.
Led by Veer Gidwaney, Maxwell Health provides a Health as a Service platform, an operating system for employee benefits which engages employees, incentivizes a holistic view of health, and provides a centralized place to access health and benefits services. Its web portal and mobile app leverages data from multiple sources to allow users to provide more informed health solutions. The technology is licensed by benefits brokers, TPAs, insurance carriers, PEOs, and other vendors for dircet use with their employer clients.