Total amount raised
$136.5 Million
Latest funding date
05/01/2019
Location
Health IQ has successfully raised funding through five rounds, with the latest investors being Bramalea Partners and Hanwha Asset Management. The company offers a platform designed to help users navigate the complexities of Medicare, providing personalized service and expert guidance through licensed insurance agents.
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 is a private insurance provider located in Mountain View, California. The company operates within the health care, health insurance, life insurance, and pharmaceutical industries. It has a significant workforce, with an employee count ranging between 1001 and 5000.
Founded to offer affordable insurance rates based on customers' lifestyles, Health IQ is dedicated to helping individuals, particularly seniors, navigate the complexities of Medicare insurance. The company provides personalized service through licensed insurance agents and access to over 3,000 plans from national carriers.
How Much Funding Has Health IQ Raised?
- Series Unknown
- Amount Raised: Not publicly disclosed
- Date: January 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and expansion in the insurance sector.
- Series D
- Amount Raised: USD 55,000,000
- 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 Health IQ's operations and business reach.
- Series C
- Amount Raised: USD 34,600,000
- Date: November 2017
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and scale the company's insurance offerings.
- Series B
- Amount Raised: USD 41,400,000
- Date: December 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the company's technological capabilities and expand its market presence.
- Seed
- Amount Raised: USD 5,500,000
- Date: December 2014
- Lead Investors: CRV
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch the company's initial product offerings and establish a market presence.
Total Amount Raised: USD 136,500,000. Current Valuation: Not publicly disclosed.
Key Investors
- Greenspring Associates
- Details: Greenspring Associates is a venture capital firm that led the Series D funding round for Health IQ. They focus on providing capital to innovative companies across various stages of growth.
- Investment Focus Areas: Venture capital, technology, growth-stage companies
- Notable Investments: Not publicly disclosed
- Aquiline Technology Growth
- Details: Aquiline Technology Growth specializes in technology growth investments and was a lead investor in Health IQ's Series D funding round. They aim to support companies that are driving technological advancements.
- Investment Focus Areas: Technology, growth-stage companies, innovation
- Notable Investments: Not publicly disclosed
- Hanwha Asset Management
- Details: Hanwha Asset Management is a prominent asset management firm and one of the most recent investors in Health IQ. They provide a range of investment solutions across various sectors.
- Investment Focus Areas: Asset management, technology, growth sectors
- Notable Investments: Not publicly disclosed
- Andreessen Horowitz
- Details: Andreessen Horowitz is a well-known venture capital firm that participated in Health IQ's Series D funding round. They are recognized for their extensive portfolio of technology investments.
- Investment Focus Areas: Technology, venture capital, various stages
- Notable Investments: Not publicly disclosed
- CRV
- Details: CRV is a venture capital firm that led the seed funding round for Health IQ. They focus on early-stage investments in innovative companies.
- Investment Focus Areas: Early-stage companies, technology, innovation
- Notable Investments: Not publicly disclosed
What's Next for Health IQ?
Health IQ stands poised to capitalize on the growing trend of personalized insurance products, leveraging data and science to offer discounts to individuals with healthy lifestyles. With $21 billion in coverage and substantial funding, the company is well-positioned to expand its operations and reach new markets.
Future fundraising opportunities seem promising, given the company's growth trajectory and the increasing consumer interest in health and wellness. However, Health IQ may face challenges such as competition from other insurers, ensuring data accuracy, and navigating regulatory landscapes in different markets.
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