US-based insurance technology developer Hixme closed a $14.1m series B round on Tuesday that included Transamerica Ventures, the corporate venturing arm of insurance company Transamerica.
Propel Venture Partners, the venture capital firm spun out by financial services firm BBVA, led the round with participation from Kleiner Perkins Caufield & Byers (KPCB) and Rosemark Capital.
Founded in 2013, Hixme has developed a service that recommends the best health insurance coverage for each employee and lets them freely choose how much to spend.
Hixme has entered a strategic partnership with Transamerica, finance providers Silicon Valley Bank and Kashable, and medical payment platform PayMD to bring the technology to market. Transamerica will allow Hixme to offer optional supplemental insurance features to its users.
The series B capital will enable Hixme to promote its products, boost sales activities and expand to all 50 US states. Thomas Whiteaker of Propel Venture Partners and Chris Kuenne of Rosemark Capital will join Hixme’s board.
Hixme has now raised a total of $26.6m, according to its latest press release. KPCB led the company’s $10.1m series A round in October 2015.