Sana Benefits, a US-based health insurance provider backed by property and casualty reinsurance firm Greenlight Re, completed a $20.8m series A round yesterday led by venture capital firm Gigafund.
Trust Ventures and Mark VC also participated in the round, which followed a $3.6m round in October 2019 that was co-led by Gigafund and Trust Ventures and backed by Greenlight Re and Mark VC.
Founded in 2017, Sana offers self-funded health insurance to small businesses in an attempt to provide an alternative to major insurance companies it claims can overcharge due to their market dominance. The cash will fund customer acquisition and the expansion of the benefits it offers.
Will Young, co-founder and chief executive of Sana, said: “Our vision has always been to replace the current broken healthcare system with one that is incentivised to deliver better outcomes at lower costs.
“We have seen our current offering start to do just that for small businesses in the Texas market. This capital enables us to quickly bring that offering to even more employers, in turn allowing us to make the product even better.”
The October round increased Sana’s overall funding to $6.3m according to media reports. The earlier financing had been provided in December 2018, as indicated by a securities filing.
