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Collective Health Raises $205 Million in SoftBank-Led Funding Round

SoftBank Group has made its first foray into health-care services, leading a $205 million investment in Collective Health Inc. The San Francisco-based startup operates a health-benefits administration platform for self-insured businesses, in which the employers cover employees’ medical claims themselves rather than paying premiums to an insurer. Please only use the sharing functionality at the top of the article. These stories are exclusive to our members. Email bi-prime@businessinsider.com to buy additional rights. More information on BI Prime can be found here. Read more at: https://www.businessinsider.com/collective-health-raises-205-million-softbank-vision-fund-2019-6 Collective Health has raised about $435 million in total from investors including Founders Fund, NEA, and GV, which all invested in the latest round. New investors DFJ Growth and PSP Investments joined in on the round as well. Collective declined to comment on its valuation. Read more:The SoftBank Vision Fund has taken Silicon Valley by storm by writing monster checks. Here are the power players there that every startup founder should know. Collective Health covers about 200,000 members, mainly employees and their spouses and children from companies like Zendesk, Uber, Palantir, eBay, and Pinterest. The new funds will help Collective Health build out its technology platform and expand its geographic reach beyond its mainly California footprint into new markets nationally. It's based in San Francisco, and has also opened offices in Chicago and Lehi, Utah. Collective Health helps companies manage their healthcare benefits, replacing traditional health insurers. It offers online tools for executives to monitor healthcare spending and an app for workers to find a doctor or check their coverage. The goal is to help companies reduce costs and provide a better experience for their workers using updated technology. "Literally every industry's found a way to modernize," Rajaie Batniji, a co-founder and chief health officer, told Business Insider. "We're still stuck in fax machines." Collective Health works with companies that pay directly for their workers' care, known as self-insured employers. In the US, more than half of the non-elderly population is covered by an employer-sponsored plan, and almost 80% of large companies are self-insured . Scott Nolan, a partner at Founders Fund and board member at Collective said that his firm initially invested in the company's series A in 2014 because of Collective's approach to tackling healthcare from the perspective of employers. "If you want to fix this one of the good ways to do it is to go after the employer side," Nolan said. More: Health Dispensed Collective Health Insurance POPULAR FROM BI PRIME This 28-year-old short seller's hedge fund made a 24% return last year. Now she's eyeing the ballooning US debt pile. * Copyright © 2019 Insider Inc. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Service , Privacy Policy and Cookies Policy . Sitemap Disclaimer Commerce Policy Coupons Made in NYC Stock quotes by finanzen.net International Editions: INTL DE AUS FR IN IT JP MY NL SE PL SG ZA ES

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Enterprise healthcare platform Collective Health raises $205M led by SoftBank

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