US-based online insurance platform operator Health IQ has secured $55m in a series D round that featured Hanwha Asset Management, a subsidiary of diversified conglomerate Hanwha.
Venture capital investment platform Greenspring Associates led the round, investing alongside VC firm Andreesen Horowitz and Aquiline Technology Growth, a partner of private equity firm Aquiline Capital, as well as undisclosed existing backers.
Founded in 2014, Health IQ runs an online platform that enables users to receive discounts on their life insurance policies based on how much they exercise.
The company combines an online health quiz and data analysis to determine personalised discounts for individual users who can obtain additional savings if they document or prove they meet certain activity thresholds.
Health IQ also provides services including discounted life insurance products for diabetes patients who effectively manage the condition, as well as special rate disability insurance.
The series D round took Health IQ’s total funding to almost $140m. Andreessen Horowitz led its $34.5m series C round in 2017, investing alongside CRV, First Round, Foundation Capital and several undisclosed existing backers.
The company had received $41.4m prior to the series C round, including $5.5m in a 2014 seed round led by CRV that included Greylock Partners, Menlo Ventures, First Round, Rock Health and Western Technology Investments. Health IQ has also identified Felicis Ventures and Ribbit Capital as investors.