Maxwell Health, a Boston, MA, and New York, NY-based provider of a Health-as-a-Service platform, raised a $26.4m financing round.
The round was led by Adams Street Partners, with participation from Cambia Health Solutions, Schooner Capital, Brothers Brook, and Annox Capital, LLC as well as current investors Vaizra Investments, Tribeca Venture Partners, Catalyst Health Ventures, Serious Change, and Lerer Hippeau Ventures.
The company, which had previously raised an $8m series A round in December 2013, will use the funds to grow their team and continue to expand product functionality.
Led by Veer Gidwaney, CEO and Co-Founder, Maxwell Health provides a Health as a Service platform that includes a marketplace, a comprehensive benefits administration system, and a mobile platform where employees access everything benefits-related, navigate the healthcare system, and manage their health and wealth. Its web portal and mobile app aim to enhance the benefits experience by leveraging data from integrated services, meaning better, more informed health solutions. Benefits brokers, TPAs, carriers, and other vendors, license Maxwell’s technology to use with their employer clients.
Employers can offer all lines of insurance, including both fully- and self-insured medical insurance, and individual products from the state and federal exchanges, dental, vision, life, short and long-term disability, along with financial benefits such as 401(k) and HRA/HSA/FSA. These are combined with other products and services, including Doctor on Demand for telemedicine, Care.com for child care services, Health Advocate for concierge services, HelloFresh for healthy meal delivery, identity theft protection from ID Watchdog, and biometric screening from BioIQ.