Angle Health, an employee-focused digital health insurance provider, has raised $58 million in Series A investment to explore new markets. The main aim of the company is to make health insurance more accessible and economical for employers. The company hopes to use this investment to expand operations and core technology.
A total of twelve investors including new and existing investors, namely SixThirty Ventures, Blumberg Capital, Y Combinator, and PruVen Capital decided to provide funding to Angle Health.
Angle Health started its operations in 2021 and focuses on developing solutions into a single ecosystem to link the gap between health insurance, conventional healthcare providers, digital health, and wellness. These services are typically found outside the realm of standard health insurance. In 2021, CEO Ty Wang and CTO Anirban Gangopadhyay, both ex-Palantir programmers, co-founded Angle Health due to their discontent with their own personal healthcare experiences.
The startup Angle Health, describes itself as a full-stack healthcare provider currently looks after tens of thousands of lives, in Utah, Arizona, Georgia, Indiana, Ohio, Missouri, and South Carolina.
The insurance policies of Angle Health are reinsured by a company having the financial strength rating of A+ from both Standard & Poors and A.M.
Several agencies and brokers chose Angle Health as their top healthcare insurance provider. The agencies include Aon, NFB, Hub, Gallaghar, etc. The reason for this selection was its wide customer base of the company across various states and accessibility to different insurance facility providers..
RickyLai, the partner at Portage, noted that Angle Health brings a configurable, completely digital solution to a market plagued by restrictive benefit plans, opaque underwriting, prohibitive switching fees, and walled point solutions.
Ty Wang, co-founder, and CEO of Angle Health made a statement:
“By bundling telehealth and behavioral benefits with administrative services and care navigation, Angle Health is a “one-stop healthcare benefits shop. By working with one vendor, employers are not only spending less across all these services but also much less resource-intensive for them to manage that. The model is a fundamental shift for employers, where they don’t see us as this big bad financial institution that has misaligned incentives with them but really as a partner in health with them”
According to executives, the business should be contacted first for any clinical or administrative queries regarding health. Members can speak with registered nurses and medical directors on Angle Health’s internal care team when they have questions, and they will decide how to best address the issue.