HealthJoy, the US-based health insurance advice service backed by health insurer GoHealth, has secured $30m in a series C round led by venture capital partnership Health Velocity Capital, TechCrunch reported today.
The round also featured existing investors that included US Venture Partners (USVP), Chicago Ventures, Epic Ventures and private investors Brandon Cruz and Clint Jones. It brought the company’s overall funding up to $53m according to TechCrunch.
Founded in 2014, HealthJoy has created an online platform that enables users to engage more fully with their workplace health benefits, in theory allowing them to save money and access more useful coverage.
The funding will be used to enhance the company’s core platform while increasing headcount by a further 200, founder and CEO Justin Holland told TechCrunch. It also intends to introduce a price transparency tool and a short-term counselling scheme for members.
Holland said: “Addressing mental health is of extreme importance for companies in today’s world. Access to traditional counselling is on decline in many rural areas due to lack of access. In cities, costs have risen so many users are priced out of the market.”
HealthJoy received $3m in a 2016 seed round led by GoHealth, which returned for a $3m round alongside Chicago Ventures, Social Capital, Sidekick Fund and various angel investors the following year.
USVP subsequently led HealthJoy’s $12.5m series B round in March 2019, investing together with Chicago Ventures, Sidekick Ventures, Epic Ventures and the company’s founders.
