US-based employee assistance platform developer BeneStream closed its series A round at approximately $6.3m on Tuesday after securing $2m from backers including health insurance organisation Blue Cross and Blue Shield Association.
Blue Cross and Blue Shield Association, which invested through its BlueCross BlueShield Venture Partners arm, was joined by Sandbox Advantage Fund, a fund managed by venture capital firm Sandbox Industries.
BeneStream seeks to connect employers with government health benefits through its Medicaid Migration platform. It had raised about $3.3m in debt and equity prior to the series A round from investors including Serious Change, The Social Entrepreneurs Fund and Angel Round Capital Fund.
The series A round was led by Michael Sachs, also chairman of Benestream, through his firm, TLSG Investments. Other investors included Kapor Capital, Relativity Healthcare Partners, Serious Change, Kevin Hill, Martin Babinec, Arc Angel and George V. Duczak.