Collective Health raises $81 million in latest funding round

(Reuters) - Collective Health, which makes software to help companies pay workers' health costs directly, said it has raised $81 million in Series C funding, bringing its total funding to $119 million.

The latest funding round included new investor Google Ventures and returning investors NEA, Founders Fund, Maverick Capital, Redpoint Ventures and RRE Ventures.

San Mateo, California-based Collective Health said it will use the funds to expand in the United States and that it is "on a trajectory to process more than $2 billion in claims in 2017".

The company, founded in October 2013, helps employers save money by self-insuring rather than paying premiums to a health insurance company.

Collective Health said it expects to serve 30,000 members and process more than $200 million in health insurance claims in 2016.

The company's customers include Activision Blizzard Inc and Zendesk Inc.

(Reporting by Arathy S Nair in Bengaluru; Editing by Savio D'Souza)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• European shares pinned at one-month low as flaring Mideast tensions lift bond yields
• UK's TT Electronics profit soars as turnaround efforts gain traction
• Shein shares slip more than 3% on second day of Hong Kong trading