US-based health-as-a-service platform Maxwell Health raised $26.4m yesterday in a series B round that included funding from non-profit health insurance company Cambia Health Solutions.
The round was led by private equity firm Adams Street Partners and also included investment firms Schooner Capital and Brothers Brook, and venture capital firm Annox Capital.
Maxwell previously raised $8m in a December 2013 series A round led by Vaizra Investments that included Catalyst Health Ventures, Tribeca Venture Partners, Serious Change, Lerer Hippeau Ventures, BoxGroup and assorted angel investors.
Apart from BoxGroup and the angel investors, all the company’s series A backers returned for the series B round this week.
Maxwell’s platform enables employers and employees to manage their healthcare benefits, allowing employees to access healthcare plans through a dedicated smartphone app. It aims to simplify healthcare benefits and reduce insurance costs.
The series B funding will be used to expand Maxwell’s team to double its current size by the end of 2015. Maxwell will also focus on attracting more customers and adding more features to its service.