US-based employee benefits software provider Limelight Health has secured $33.5m in a series C round led by financial services and insurance group Principal Life.
Insurance firms Massachusetts Mutual Life Insurance, Axa, Aflac and Transamerica all took part in the round, through subsidiaries MassMutual Ventures, Axa Venture Partners, Aflac Ventures and Transamerica Ventures.
The investors were filled out by Wanxiang Healthcare Investments, a corporate venturing vehicle for auto parts producer Wanxiang; financial services firm Wells Fargo’s Strategic Capital unit and accelerator LaunchPad Digital Health.
Founded in 2014, Limelight has created a cloud-based software platform called QuotePad that helps businesses streamline employee health insurance processes, incorporating services such as quoting, underwriting, data analysis, reporting, document management and renewals.
In addition to working on its core product, global expansion and building out its team, Limelight plans to use the funds to develop new features such as an underwriter certification program and risk scoring.
Kara Hoogensen vice-president of group benefits and US insurance solutions for Principal Life, will join Limelight’s board of directors in conjunction with the round.
The company closed a $7m series B round led by MassMutual Ventures in 2017 that also featured Axa Strategic Ventures, Wanxiang Healthcare Investments, Portag3 Ventures and Plug and Play Ventures.
MassMutual Ventures, Axa Strategic Ventures and LaunchPad had invested in Limelight’s $3m series A round in 2015, after LaunchPad had supplied an undisclosed amount of seed capital the previous year.