Maxwell Health, a local startup that’s trying to simplify the experience of navigating health benefit plans for employees and the companies they work for, announced a $26.4 million round of funding on Thursday, money that it says will use to expand its user base and develop new features in its current products.
The company, launched in March 2013 in Boston, has offices on Tremont Street and in New York. Maxwell Health offers a web and mobile platform that replaces many of the antiquated aspects of accessing health care coverage. Instead of needing an insurance card at a doctor’s office, for instance, users can pull up their benefit information through the company’s mobile app. Or, if an employee has a question about a doctor’s bill, they can send a photo of it to their company’s benefit administrator for further information.
“We are trying to reinvent the entire experience of health benefits for employees and employers,” said Maxwell chief executive and co-founder Veer Gidwaney. “It’s a marketplace for employees to find the benefits they need and fall in love with the benefits they’ve bought.”
Maxwell also provides companies with tools that promote employee wellness: Users who wear fitness tracking devices like FitBit or Jawbone Up can opt to have their activity data, such as steps taken, synced with the Maxwell platform. “It enables a company to reward employees for being more healthy,” Gidwaney said.
The Series B round was led by Adams Street Partners, and joined by Cambia Health Solutions, Schooner Capital, Brothers Brook, LLC, Annox Capital, LLC. Previously, Maxwell raised $8 million from Tribeca Venture Partners, Lerer Hippeau Ventures, and a few other investors, all of which took part in the latest funding round as well.
Janelle Nanos can be reached at firstname.lastname@example.org. Follow her on Twitter @janellenanos.
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