Digital-First Health Insurance Provider Angle Health Raises $58 Million To Modernize Access to Comprehensive Healthcare Benefits
New capital, led by Portage, follows the company's recent expansion into Arizona, Georgia, Indiana, Ohio, Missouri, and South Carolina
SAN FRANCISCO, Jan. 25, 2023 /PRNewswire/ -- Angle Health, the digital-first, fully-licensed health insurance provider bringing transparency, simplicity, and ease of use to members, employers, and brokers in a frictionless experience, today announced $58 million Series A funding led by Portage. Its latest round also included participation from PruVen Capital, Wing Venture Capital, SixThirty Ventures, Mighty Capital, Wormhole Capital, Mindset Ventures, Crew Capital, Aloft VC, and Pilot founder Waseem Daher; and support from existing investors Blumberg Capital, Correlation Ventures, TSVC, and Y Combinator. Following its recent expansion into Arizona, Georgia, Indiana, Ohio, Missouri, and South Carolina, with initial focus on the employer-sponsored health plan segment—a $1.2+ trillion market covering over 155 million Americans, Angle Health is already covering tens of thousands of members on its fully-insured and self-funded products since launching in 2021.
"Angle Health brings a customizable, fully digital solution to an industry dominated by rigid benefit plans, opaque underwriting, difficult switching costs, and siloed point solutions," said Ricky Lai, Partner at Portage. "Just as innovators like Kin and Lemonade have done for personal lines of insurance—Angle has made health insurance more convenient, approachable, and affordable for employers and members. "
Launched in 2021, Angle Health is bridging the divide between health insurance, traditional healthcare providers, digital health, and wellness by bringing these disparate point solutions into a cohesive ecosystem.
"At Angle Health, we have an ambitious vision to unify the fragmented healthcare benefits system, which today severely limits access to, and availability of, modern healthcare services like telemedicine, digital behavioral health, and chronic disease management," shares Ty Wang, CEO of Angle Health. "Just as tools for navigation and ride-sharing have eliminated the need to read maps and street signs to traverse the physical world, Angle Health is eliminating the need for members to navigate the complexities of the healthcare system on their own, and empowering members to get care without breaking the bank."
Powered by its integrated, AI-enabled technology platform, Angle Health provides a digital-first care navigation experience with its fully tailored comprehensive healthcare benefit plans for employers. Telemedicine, behavioral health, and other digital health solutions – normally sitting outside of the traitional health insurance environment – are core offerings integrated into all Angle Health plans at minimal to no cost for members. Angle Health's insurance policies are reinsured by an insurer with a financial strength rating of A+ from both A.M. Best and Standard & Poor's. With tens of thousands of members across states, and access to a national network of healthcare providers and facilities, top employers, and a growing roster of brokers and agencies, including NFP, Gallagher, GBS/Leavitt, Aon, and Hub, are choosing Angle Health as their healthcare insurance and benefits provider.
"Angle Health is a complete paradigm shift from traditional health insurance. They bring a sophisticated and customizable health plan approach to SMBs and mid-market employers in a way that has never been done before," said Victoria Cheng, Partner at PruVen Capital. "Their ground-up data infrastructure enables superior digital customer experiences with greater transparency and patient care that incorporates best-in-class, third-party digital health providers."
Co-founded by former Palantir engineers, CEO Ty Wang and CTO Anirban Gangopadhyay, Angle Health was born out of the duo's frustration with their personal health insurance experiences. The company has been building its AI-powered technology platform and regulatory infrastructure since participating in Y Combinator's Winter 2020 cohort and its $4M seed funding round in the summer of 2020.
"As a high-growth startup, we want to keep our employees healthy and provide them with the best-in-class healthcare benefits. Until Angle Health, we thought we had to settle for the rigid status quo with legacy health insurance providers," said Bailee Jones, Special Advisor at payroll API innovator Atomic Fi. "Angle Health is more than just an insurance company - they have put our employees at the center, constantly going out of their way to provide care and support. And they make everything easy and quick - from getting a quote, and open enrollment, to engaging with the Angle Care Team."
About Angle Health
Angle Health democratizes access to modern healthcare by unifying today's fragmented healthcare benefits system into one core coverage and delivery platform. As a full-stack healthcare benefits provider, Angle Health drives efficiencies across the value chain through its digital-first platform— from instant underwriting for brokers and streamlined administration for employers to personalized care navigation for members. With access to a national network of healthcare providers and facilities, Angle Health is the health benefits provider for modern employers, now servicing tens of thousands of employees and members across the country.
Visit anglehealth.com to learn more.
Portage is a global investment platform focused on fintech and financial services with US$2B+ under management, 65+ portfolio companies in 13 countries, and 55 professionals across the United States, Canada and Europe. Our team partners with ambitious companies across all stages, through Portage Ventures and Portage Capital Solutions. We provide flexible capital and deliver a global network of investors, commercial partners, advisors, and value creation experts. With deep industry knowledge and entrepreneurial experience, Portage is committed to supporting the leaders who are reshaping financial services. Portage is a platform within Sagard, a multi-strategy alternative asset management firm with $13B+ under management. Learn more at www.portageinvest.com.
About PruVen Capital
PruVen Capital is a global, multistage venture capital firm backing founders building enduring companies in the largest verticals of the global economy. We invest in transformational startups in FinTech, InsurTech, HealthTech, Real Estate, and Enterprise IT. Our multi-stage approach and deep network in these complex industries enables us to support leading entrepreneurs from first check to IPO. To learn more, visit pruvencap.com.
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SOURCE Angle Health
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