Celebrating HealthJoy’s $60M in Funding

We're thrilled to announce that HealthJoy has secured $60 million in funding. Valspring Capital, a new growth equity fund founded by the former Bain Capital Ventures healthcare investment team, led this funding with participation from new investors Endeavour Vision and CIBC Innovation Banking. Existing investors also participated in this funding, including: US Venture Partners, GoHealth co-founders Brandon Cruz and Clint Jones, Health Velocity Capital, Nueterra Capital and Epic.

To date, HealthJoy has now raised more than $108 million in funding.

We are in the strongest position we have ever been as a company and it's due to the hard work and perseverance of our global team. Ultimately, this funding is a testament to them.

We've seen a number of unimaginable challenges over the past few years. Our team responded in an inspiring way, and today's announcement wouldn't be possible without the courage they've shown. As a result, we now have the financial capability to steer this company forward towards some of its most ambitious goals.

Let's take a look at a few of the goals and how we'll use this funding to enhance our industry-leading healthcare navigation platform.

“We’re thrilled to invest in HealthJoy and accelerate their impressive platform growth. We look forward to amplifying HealthJoy’s solutions as we’ve seen the value they bring firsthand.” - Aneesha Mehta, co-founder of Valspring Capital and former Partner at Bain Capital Ventures

Goal 1 - Investing in innovation

Innovation is top of mind as we enter this next chapter for HealthJoy. Here's a few ways we're putting this into action:

• We know that employers and brokers continue to seek additional solutions to help reduce the cost of healthcare. This past year, we expanded our virtual care suite to be more comprehensive across employer health plans. Our partnership with Teladoc is one example of our continued initiative to connect the ecosystem of virtual care to help further empower HR and the broker to combat additional major claim categories like cancer and cardiometabolic disease, as well as delivering virtual preventive care through virtual primary care. Our belief is access has to be simple and seamless for employees to drive engagement.

• Speed is essential for a great experience. We know that waiting 24 hours for seemingly simple requests isn't what consumers expect at this point from digital solutions. Automated steerage allows us to use our 100,000s of hours of previous work for future requests. This allows us to provide an instantaneous experience to our members.

• The healthcare industry is incredibly reactive. We know that helping drive a more proactive model will drive the kind of outsized engagement that delivers the outcomes HR and brokers expect out of their health plan. Connecting not only the partners, but the data within the ecosystem enables this entirely new form of proactive engagement and personalization. As we continue to invest in data partnerships, we're building out a comprehensive member profile and engagement engine that'll meet consumers where they are. These partnerships now include medical and prescription claims, utilization management data, as well as virtual care resolutions. This enables us to provide the most affordable, high quality option appropriate to them, regardless if they're in the HealthJoy experience or not.

• And with greater data and more personalization, we aim to be more accretive to not just the employee, but also to brokers and HR. We see our job as making the health plan work for everyone involved. We believe having a stronger feedback connection between the plan experience to the teams architecting the plan will create a virtuous cycle of delivering better benefits, that drives the desired outcomes in the first place.

Goal 2 - Further simplify healthcare navigation

At HealthJoy, every investment we make in innovation is an investment in simplicity. We know the talent war rages on. In our current business climate, it's more important than ever to deliver easy-to-use benefits that provide increased value to attract candidates and satisfy existing employees.

We want to be a partner that helps businesses attract top talent. And right now, benefits are more important than ever for job seekers. Don't just take our word for it — Glassdoor shows us the importance of a strong benefits offering:

• Nearly 80% of workers would prefer new or additional benefits to a pay increase.
• 90% of Millennials say they'd prefer benefits over pay.

In a candidate-driven market, benefits understanding can be the difference between securing the ideal candidate for your team and spending another few weeks stuck in interviews.

We're making it more approachable for employers to navigate their existing benefits to help with that talent war, while offering additional point solutions that they may not have had the bandwidth or confidence to offer before implementing HealthJoy into their benefits suite.

As always, we're working to guide members to more affordable, high quality care by consolidating the health and wellness strategies of our customers. When we do this, we empower teams to minimize healthcare costs and improve outcomes through better benefits engagement. We already partner with over 1,000 companies in the US, and help HR leaders better manage and deliver world-class benefits to nearly half a million employees and dependents.

What the future holds for HealthJoy

As I've typed out all of this, I've realized we're a long way from when it was just two of us sitting in a hotel on the Chicago river in January (freezing btw) trying to envision what this company could be. Even back then, the goal was to simplify healthcare for the people and businesses that needed it most.

Each new day I feel more excited about the opportunity that sits in front of us. If our team has made this much progress in the past five years in the employer market, the possibilities are endless for the next 10 years ahead of us. We appreciate the support, internally and externally, and look forward to delivering the best product possible and helping as many people as we can.

Healthcare is confusing. Healthcare benefits are even more confusing. We're making the experience more intuitive and connected to significantly reduce complexity and extra HR work.

Let us bring a little JOY into your healthcare experience. Learn more about HealthJoy today.