AAA Sana covers series A round to close

Sana covers series A round to close

US-based health insurance provider Sana expanded its series A round to $40.8m yesterday with a $20m extension featuring insurance firm American Family and advertising agency Harmon Brothers.

The second tranche was led by venture capital firm Gigafund and included Breyer Capital, Jam Fund, Trust Ventures and Mark VC, while American Family and Harmon Brothers invested through American Family Ventures and Harmon Brothers Ad Ventures respectively.

Founded in 2017, Sana offers self-funded health insurance to small businesses, hoping to challenging established US health insurers. The capital will be invested in moving into new geographical markets and strengthening its offering in its existing markets.

Gigafund led the round’s $20.8m first tranche in September 2020, investing alongside reinsurance firm Greenlight Re, Mark VC and Trust Ventures. The same quartet had provided $3.6m in a late 2019 round, after the company had taken in $2.3m in seed funding the previous year according to a regulatory filing.

Will Young, Sana’s co-founder and chief executive, said: “Sana’s goal is to improve health outcomes and decrease healthcare costs. We have developed a care model that keeps members healthy by focusing on primary and preventive care and providing access to centres of excellence for more complex procedures.”

By Robert Lavine

Robert Lavine is special features editor for Global Venturing.