MassMutual Ventures, the strategic investment vehicle for insurance firm Massachusetts Mutual Life Insurance, has led a $7m series B round for US-based employee benefits software provider Limelight Health.
Axa Strategic Ventures and Wanxiang Healthcare Investments, respective corporate venturing subsidiaries of insurance group Axa and auto parts producer Wanxiang, also took part in the round along with Portag3 Ventures and Plug and Play Ventures.
Founded in 2014, Limelight has created a real-time, automated platform called QuotePad that can handle quotes, underwriting and enrolment for employee health insurance benefits.
Eric Emmons, MassMutual Ventures’ managing director, said: “Over the last three years, Limelight Health has emerged as a leader in the employee benefits space. The QuotePad platform meets the needs of a transforming market for primary, ancillary, supplemental and voluntary insurance coverage.
“The improved workflow and real-time ‘quote-to-enrol’ capability of the QuotePad platform has the potential to save billions in lost revenue, high overhead and manual rework.”
The round follows an undisclosed amount of seed capital from accelerator LaunchPad Digital Health in 2014 and a $3m series A round featuring MassMutual Ventures, Axa Strategic Ventures and LaunchPad the following year.