A Boston company that’s seeking to take the complexities out of health care and other employee benefits has brought in $22 million to further its mission.
Maxwell Health said Monday that the Series C round to continue developing its software and expanding its business, which is focused on bringing technology to the benefits process—such as online enrollment and an app for using your benefits. The company also offers a concierge service for health care—to help users understand their benefits—that normally only a large company would provide access to. “We work with all types of businesses, but our platform is effective for smaller businesses,” said Vinay Gidwaney, chief product officer and co-founder of Maxwell Health (who is pictured above).
That focus on smaller businesses is in contrast to competitors in the space, such as Zenefits, a once fast-growing firm that has run into serious difficulties of late (including an investigation by regulators in Massachusetts).
Maxwell Health’s customers are benefits advisors, which work with insurance companies and also help employers to figure out their benefits. One notable recent customer is MassMutual, which has integrated its retirement offerings with Maxwell Health’s benefits and HR software.
"The one core tenet of what we do is that if we build for the consumer, we will be successful."
With the new funding, the company has now raised $56.4 million since its founding in 2012. The new round included a few new investors—GIS Strategic Ventures (an arm of Guardian Life Insurance Company of America), Sun Life Financial and Cendana Capital. Also taking part were existing backers Adams Street Partners, Cambia Health Solutions, Catalyst Health Ventures, Industry Ventures, Lerer Ventures, Schooner Capital, Tribeca Venture Partners and Vaizra Investments. Maxwell Health now employs 162.
The company’s vision is to provide Americans with the ability to treat health care (and financial wellbeing) as a subscription service, which takes the complexity and frustration out, Gidwaney said. The company’s tagline is “bringing benefits back to life.”
“The one core tenet of what we do is that if we build for the consumer, we will be successful,” Gidwaney said. “We’re confident if we build toward that, we will be a hugely successful company.”
Photo of Vinay Gidwaney by Kyle Alspach for BostInno.
