Technology-driven health insurance firm Loop Health has raised $2.3 million in seed funding led by US-based early-stage venture capital firm Sierra Ventures along with participation from Y Combinator and Soma Capital.
Angel investors like former Google Ventures partner Daniel Burka, Twitch ex-CTO Kevin Lin, and former WeWork CTO Shiva Rajaraman among others also participated in the financing round.
"When health insurance grows quickly in any market, healthcare prices start to increase. However, when you bundle both into a single offering, the health insurance company is not going to inflate costs as the primary care provider," said cofounder Amrit Singh "We're trying to build a value-based care system. The goal is to show that we can keep people healthy, prevent claims, and then become an insurance company in the long run."
The company plans to use the funds raised to expand its virtual primary care offering, build a sales team to grow the distribution of its health insurance plans and for geographical expansion.
"We're expanding our healthcare categories across different specialities like dermatology, and gynaecology among others. We're also looking at growing very quickly out of Mumbai and Pune for the next year," said Kale, who is also the chief executive of the Pune-based startup.
Each employee and their family gets a dedicated medical advisor, unlimited doctor consultations with in-house family medicine specialists along with hospitalisation and claims guidance to minimise their cost.
"Half of our team is doctors, including junior doctors and specialists like family physicians, family medicine specialists, gynaecologists, and paediatricians. We are also soon launching mental health and fitness as part of the Loop health membership," Singh said.
The startup claims to have onboarded more than 100 companies in the past few months. Some of its customers include GE, Helpshift, Shoptimise, Weikfield, and MSwipe among others.
US-based Oscar Health, the health insurance firm co-founded by Joshua Kushner and Mario Schlosser, is another player in this space. The company had raised $225 million from investors like Alphabet, General Catalyst, Coatue Management, Khosla Ventures, and Baillie Gifford in June this year and is reportedly prepping up for a potential IPO in 2021.
Angel investors like former Google Ventures partner Daniel Burka, Twitch ex-CTO Kevin Lin, and former WeWork CTO Shiva Rajaraman among others also participated in the financing round.
Founded in 2018 by Mayank Kale, Ryan Singh, Amrit Singh, and Shami Raj, Loop Health offers companies group health insurance plans from prominent insurers bundled with a virtual primary care experience through an in-house medical team.
"When health insurance grows quickly in any market, healthcare prices start to increase. However, when you bundle both into a single offering, the health insurance company is not going to inflate costs as the primary care provider," said cofounder Amrit Singh "We're trying to build a value-based care system. The goal is to show that we can keep people healthy, prevent claims, and then become an insurance company in the long run."
The company plans to use the funds raised to expand its virtual primary care offering, build a sales team to grow the distribution of its health insurance plans and for geographical expansion.
"We're expanding our healthcare categories across different specialities like dermatology, and gynaecology among others. We're also looking at growing very quickly out of Mumbai and Pune for the next year," said Kale, who is also the chief executive of the Pune-based startup.
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Each employee and their family gets a dedicated medical advisor, unlimited doctor consultations with in-house family medicine specialists along with hospitalisation and claims guidance to minimise their cost.
"Half of our team is doctors, including junior doctors and specialists like family physicians, family medicine specialists, gynaecologists, and paediatricians. We are also soon launching mental health and fitness as part of the Loop health membership," Singh said.
The startup claims to have onboarded more than 100 companies in the past few months. Some of its customers include GE, Helpshift, Shoptimise, Weikfield, and MSwipe among others.
US-based Oscar Health, the health insurance firm co-founded by Joshua Kushner and Mario Schlosser, is another player in this space. The company had raised $225 million from investors like Alphabet, General Catalyst, Coatue Management, Khosla Ventures, and Baillie Gifford in June this year and is reportedly prepping up for a potential IPO in 2021.
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