Angel Health, an insurance carrier supported by Y Combinator, an American seed money start-up accelerator, went candid about securing USD 4 million in a Series Seed funding round led by Blumberg Capital.
The funding event witnessed participation from:
- Y Combinator
- Correlation Ventures, Liquid 2 Ventures
- Multiple small funds and angels
Focused on quality, Angle Health plans to launch competitive health insurance plans to support start-ups with cost-saving benefits by offering solutions that are clear, budget-friendly, and possess the ability to give employees more appropriate coverage.
The combination of digital and behavioral health programs—powered by research and integrated with machine learning and data infrastructure—enables Angle Health to deliver the best-in-class member experience, reduce administrative costs, and make the most of data-driven insights to encourage healthier lifestyles.
Basis the primary purpose, Angle Health plans to invest the initial seed funding to complete its regulatory filing, integrate infrastructure to back greater accessibility to medical services, launch its mobile application. Additionally, the plan is to take care of primary and emergency care, chronic disease management, mental health, and reproductive health.
David Blumberg, Founder and Managing Partner at Blumberg Capital, said, “Within the broad and rapidly evolving market for health insurance in the US, we were particularly attracted by Angle Health’s focus on the start-up demographic which is severely underserved and hungry for technological innovation – at highly attractive unit economics.” He added, “The growth potential for Angle Health is massive. Technological advances are making medical services ever more accessible through easy access to digital offerings, telemedicine, and virtual healthcare. Angle Health will deliver the flexible, mobile-first, health care benefits that start-ups seek at affordable prices.”
What’s in store for customers?
Angle Health’s technology-driven digital experience will offer customers a mobile app and enable users (members) to manage several elements of their health insurance seamlessly, including claim submissions, booking appointments, connecting with providers via telehealth, managing and ordering prescriptions, and keeping track of spends.
The new project by Angle works with the HR platforms of start-ups to offer a streamlined and end-to-end digital enrollment and billing process for employers and employees, decreasing enrollment timelines and administrative inefficiencies.
To make this work, Angle Health Insurance has joined hands with Noyo, the tech organization, and incorporates its suite of API integrations to power back-end connections between HR platforms and health insurers.
Angle’s plan will abide by the ACA (Affordable Care Act) and will follow all federal and state essential health benefits along with pediatric dental and vision benefits and optional bundled adult dental and vision.