Total amount raised
$136.5 Millions
Latest funding date
05/01/2019
Location
Health IQ has successfully raised significant funding through multiple rounds, including a Series D round that closed on May 8, 2019. The company is backed by 13 investors, including notable names like Hanwha Asset Management and Andreessen Horowitz.
Health IQ's platform is dedicated to helping users navigate the complexities of Medicare, offering personalized service and expert guidance. Keep reading to explore the intricacies of Health IQ's fundraising journey and the investors backing this innovative platform.
What Is Health IQ?
Health IQ, founded in 2014, is headquartered in Mountain View, California. The company operates in the health care, life insurance, and pharmaceutical industries. It was established by a diverse team including Munjal Shah, Alex Marshall, and Gaurav Suri, among others.
With an employee count ranging from 1001 to 5000, Health IQ is dedicated to increasing health literacy globally. The company offers personalized services to help individuals navigate Medicare and other health-related complexities.
How Much Funding Has Health IQ Raised?
- Seed Round
- Amount Raised: $5.5M
- Date: December 2014
- Lead Investors: CRV
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop its initial product offerings.
- Series B
- Amount Raised: $41.4M
- Date: December 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's market reach and enhance its technology platform.
- Series C
- Amount Raised: $34.6M
- Date: November 2017
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase customer acquisition efforts.
- Series D
- Amount Raised: $55M
- Date: May 2019
- Lead Investors: Aquiline Technology Growth, Greenspring Associates, Hanwha Asset Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and business reach.
Total Amount Raised: $136.5M. Current Valuation: Not publicly disclosed.
Key Investors
- Andreessen Horowitz
- Details: Andreessen Horowitz is a prominent venture capital firm based in Silicon Valley. It invests in early-stage to growth-stage technology companies.
- Investment Focus Areas: Technology, software, internet
- Notable Investments: Facebook, Airbnb, Lyft
- Greenspring Associates
- Details: Greenspring Associates is a venture capital firm that invests in early to growth-stage companies. It has a diverse portfolio across various sectors.
- Investment Focus Areas: Technology, consumer, healthcare
- Notable Investments: Grubhub, Chewy, AppLovin
- Aquiline Technology Growth
- Details: Aquiline Technology Growth is a growth equity firm that focuses on technology companies. It is part of Aquiline Capital Partners.
- Investment Focus Areas: Technology, financial services, insurance
- Notable Investments: Virtus Partners, RIA in a Box, Fenergo
- Hanwha Asset Management
- Details: Hanwha Asset Management is an asset management firm under the Hanwha Group, a large South Korean conglomerate. It manages a wide range of asset classes.
- Investment Focus Areas: Equities, fixed income, alternative investments
- Notable Investments: Solar energy, aerospace, various sectors
- CRV
- Details: CRV, also known as Charles River Ventures, is a venture capital firm that invests in early-stage technology companies. It has a long history of successful investments.
- Investment Focus Areas: Technology, software, internet
- Notable Investments: Not publicly disclosed
What's Next for Health IQ?
Health IQ stands at the cusp of significant growth opportunities, driven by its innovative approach to life insurance for health-conscious individuals. With a focus on leveraging data and science, the company aims to expand its operations and reach a broader customer base. The potential market size is substantial, as evidenced by the company's rapid growth to $21 billion in coverage over the last three years.
Future fundraising opportunities appear promising, given the successful Series D round and the total $139.5 million raised to date. As Health IQ continues to scale, it may attract further investment to support its expansion. However, the company will need to navigate challenges such as competition, regulatory requirements, and ensuring data accuracy and privacy. These hurdles, while significant, are surmountable with strategic planning and continued innovation.
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