Collective Health, a San Francisco, CA-based provider of a workforce health management system, raised $110m in funding.
Backers included New Enterprise Associates, Founders Fund, GV, Maverick Ventures and new investors Sun Life Financial and Mubadala Ventures.
The company intends to use the funds for development of the platform and scale operations.
Founded in October 2013 and led by Ali Diab, CEO, Collective Health provides a health plan administration and data engine that replaces outdated processing systems with an integrated, cloud-based software system that runs employers’ health plans. It processes every part of the plan—including medical, dental, vision, and pharmacy eligibility, claims, and payments—and tracks utilization of healthcare programs and applications.
Collective Health now serves 30 enterprise clients and 120,000 members in all 50 states.
The Employer Suite streamlines key processes and gives benefits leaders at-a-glance performance management through aggregate claims, engagement, eligibility, financial/payment, and partner dashboards. The Member Suite gives members a single source for accessing all their health benefits. It’s comprised of a web portal, Android and iPhone mobile applications, and direct communications that feature user-friendly design to help members understand, navigate, and pay for healthcare.
The company now employs more than 350 people.