We’re very excited to announce that HealthJoy has closed a $3 Million Series A round of funding in partnership with investors that have both a track record of fostering success at innovative companies and a shared vision of intuitive, transparent healthcare experiences.
The round is led by Chicago Ventures, with participation from Social Capital, Sidekick Fund, and our seed-round lead GoHealth. Angel investments from leaders in technology and health innovation including Andrew Sieja, CEO of KCura; Brad Hoover, CEO of Grammarly, Ben Evans, CEO of OurHealth, Eduardo Vivas, Founder of Bright.com, and Jason Theofilis, CEO of MUNDOMedia also joined this round.
Our new partner Stuart Larkins, Partner at Chicago Ventures said of the partnership, “HealthJoy boasts a powerful combination of a world class team and groundbreaking technology with a proven approach to employee engagement, and unmatched cost containment results. They are in a unique position to impact a huge market with well-defined pain points, and we are excited to help fuel their growth.”
We’ve come a long way since our beginnings in the individual health insurance market nearly 4 years ago. We enrolled for over 50,000 members, learned a lot from our customers, and turned those insights into product iterations that have informed the platform that HealthJoy has become today. After successfully proving our engagement strategy and ability to contain costs for tens of thousands of individuals, HealthJoy entered the employee benefits market in 2016, distributing the platform to HR teams across the country through benefit advisors, third-party administrators, and health plans to help employers address the costs and complexity of health benefits.
Nearly 156 Million Americans have access to the healthcare system through employer-sponsored plans. As healthcare costs continue to rise, employees face higher deductibles and reduced coverage, increasing the need for trusted guidance and tools that help employees and their families understand their benefits packages, navigate the healthcare system, and manage costs. Our mission is to transform the healthcare experience for employees and their families through technology, expert advice, and partnerships with industry-leading services and advisors.
With this infusion of capital, we will focus on three areas: First, we will rapidly expand our national network of distribution partners, enabling benefits advisors across the country to leverage a proven engagement and cost containment solution. In that vein, we were thrilled to be named a preferred technology partner to the Benefit Advisors Network, the nation’s premier credentialed network of independent benefit advisory and consulting companies. We look forward to partnering with BAN agencies across the country, and other organizations like them.
Perry Braun, Executive Director of Benefits Advisors Network said of the partnership,“We are very excited to bring HealthJoy to our member agencies. Their technology is very impressive, and their leadership is very focused on the consumer experience which is in alignment with our vision and goals for the future of employee benefits.”
Second, we’ll look to build and grow strategic partnerships with innovative service, data and technology companies that enhance the capabilities of our platform and the value delivered to our members. Stay tuned for exciting partnership announcements already in the works, allowing our platform to go deeper into claims analytics, and deliver more powerful results employee health and financial well being.
Finally, we’re looking to hire incredible people in Chicago and remotely to help us iterate upon and improve our product, empower our customers, and support our team. Check out our open positions here, but if you have relevant experience, you believe in our mission, and you’re not afraid to work hard to make things happen, reach out.
For more information on this exciting news, check out our feature in these articles:
HealthJoy engages employees through a mobile app powered by JOY, a virtual assistant that makes every healthcare decision a proactive, guided conversation. Whether connecting with a doctor virtually or a local specialist; researching a procedure, lowering prescription costs, or negotiating a medical bill, employees simply chat with JOY whenever they need help. The platform integrates a company’s health plan information and other benefits for personalized recommendations. JOY is fully supported by a team of healthcare concierge who help employees through more complex issues saving them time, money and frustration.
For companies, HealthJoy’s platform provides comprehensive engagement, communications and cost containment tools that deliver unrivaled utilization rates and actionable insights. The platform also gives HR teams the ability to leverage push notifications to send personalized, relevant information to employees, and saves HR teams time by empowering employees to solve their own health care problems.