Total amount raised
$85.9 Million
Latest funding date
10/01/2021
Location
Stride Health has successfully raised funds over six rounds, with the latest being a Series C. The company is backed by 20 investors, including notable names like F-Prime and Jonathan Bush.
Stride Health offers a platform designed to provide portable benefits for independent workers, part-time employees, and those in hybrid work arrangements. Keep reading to explore the intricacies of Stride Health's fundraising journey and the investors backing this innovative platform.
What Is Stride Health?
Stride Health, based in San Francisco, California, operates in multiple industries, including employee benefits, financial services, health care, health insurance, insurance, life insurance, and wellness. The company has between 101-250 employees.
Founded to bridge the benefits gap for independent workers, part-time employees, and those in the gig economy, Stride Health offers a comprehensive suite of portable benefits. These include health, vision, dental, and life insurance plans, along with tools for tax credit eligibility and expense tracking.
How Much Funding Has Stride Health Raised?
- Seed Round
- Amount Raised: USD 2,400,000
- Date: January 2015
- Lead Investors: New Enterprise Associates
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch the initial version of Stride Health's platform.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: June 2014
- Lead Investors: Eight Roads Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure early-stage funding for product development and market entry.
- Series A
- Amount Raised: USD 13,000,000
- Date: May 2015
- Lead Investors: Venrock
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's capabilities and grow the user base.
- Series B
- Amount Raised: USD 23,500,000
- Date: August 2017
- Lead Investors: F-Prime
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the platform's features.
- Series Unknown
- Amount Raised: Not publicly disclosed
- Date: November 2020
- Lead Investors: Moderne Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and development initiatives.
- Series C
- Amount Raised: USD 47,000,000
- Date: October 2021
- Lead Investors: King River Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the portable benefits platform, accelerate membership growth, and invest in new partnerships and channels.
Total Amount Raised: USD 85,900,000. Current Valuation: Not publicly disclosed.
Key Investors
- King River Capital
- Details: King River Capital invests in post-revenue, high-growth software businesses solving critical problems within large markets. Founded by Chris Barter, Zeb Rice, and Megan Guy, the firm has raised two venture funds and committed capital to fourteen companies across the US and Australia.
- Investment Focus Areas: Technology, Fintech, Healthtech
- Notable Investments: Discord, Lark Health, Immutable
- Moderne Ventures
- Details: Moderne Ventures is a venture capital firm investing in technology companies within real estate, finance, insurance, and home services. The firm focuses on companies that can bring innovation to these sectors.
- Investment Focus Areas: Real Estate, Finance, Insurance, Home Services
- Notable Investments: Not publicly disclosed
- F-Prime
- Details: F-Prime is the venture capital arm of Fidelity Investments, investing in healthcare and technology companies. The firm has a long history of backing innovative companies in these sectors.
- Investment Focus Areas: Healthcare, Technology, Financial Services
- Notable Investments: Ironwood Pharmaceuticals, Ultragenyx, Denali Therapeutics
- Venrock
- Details: Venrock is a venture capital firm that invests in early-stage and growth-stage companies in the technology and healthcare sectors. The firm has a legacy of backing transformative companies.
- Investment Focus Areas: Technology, Healthcare, Energy
- Notable Investments: Apple, Intel, Gilead Sciences
- New Enterprise Associates (NEA)
- Details: NEA is a global venture capital firm investing in technology and healthcare companies at all stages of growth. The firm has a broad portfolio and a significant impact on the venture capital landscape.
- Investment Focus Areas: Technology, Healthcare
- Notable Investments: Salesforce, Workday, Robinhood
What's Next for Stride Health?
Stride Health stands at the cusp of significant growth, driven by the increasing number of independent workers and the rising demand for portable benefits. With a membership base of 2.7 million and partnerships with over 120 companies, the potential for expansion is vast. The recent $47 million Series C funding will enable Stride to enhance its platform, accelerate membership growth, and forge new partnerships, positioning it to capture a larger share of the estimated 90 million Americans expected to work independently by 2028.
Future fundraising opportunities appear promising, given the successful Series C round and the involvement of high-profile investors like King River Capital, Mastercard, and Allstate. These investments not only validate Stride's business model but also pave the way for additional funding rounds to support further expansion and development. However, Stride will need to navigate regulatory complexities and ensure the affordability and accessibility of its benefits to maintain its competitive edge.
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