US-based health benefits management software provider Maxwell Health closed a $22m series C round yesterday featuring corporate investors including non-profit health insurance company Cambia Health Solutions, Xconomy has reported.
The round was also supported by GIS Strategic Ventures, the investment vehicle of insurance provider Guardian Life Insurance Company of America, and insurance company Sun Life Financial.
Cendana Capital, Adams Street Partners, Catalyst Health Ventures, Industry Ventures, Lerer Hippeay Ventures, Schooner Capital, Tribeca Venture Partners and Vaizra Investments also contributed capital.
Founded in 2012, Maxwell operates a platform employers and employees can use to manage their healthcare benefits. The offering enables employees to access healthcare plans through an attendant app and aims to simplify the process while reducing insurance costs.
The company also offers additional products, such as retirement planning tools. It will use the cash to strengthen its market share as it aims to grow to its customer base to 10 million by 2020.
Maxwell has raised $56.4m to date. Cambia Health Solutions previously invested in a $26.4m series B round in 2014 that was led by Adams Street and backed by Schooner Capital, Brothers Brook and Annox Capital.
Vaizra Investments led an $8m series A round in 2013 that included Catalyst Health Ventures, Tribeca Venture Partners, Serious Change, Lerer Hippeau Ventures, BoxGroup and assorted angel investors.