Limelight Health Raises $3 million in Series A Funding
Financing Led by MassMutual Ventures and AXA Strategic Ventures
SAN FRANCISCO, July 20, 2015 /PRNewswire/ -- Limelight Health, provider of mobile enterprise technology for the health insurance industry, announced today it has received $3 million in Series A funding from MassMutual Ventures, the corporate venture capital arm of Massachusetts Mutual Life Insurance Company (MassMutual), and AXA Strategic Ventures. Also investing in the round is the series seed lead investor LaunchPad Digital Health. The company will use the funds to help grow its sales and engineering teams, to deliver innovative product enhancements to its cloud-based SaaS technology platform and aggressively expand distribution nationally.
QuotePad, Limelight Health's first commercial product released in January 2015, provides a mobile, data-driven quoting and modeling platform that enables health insurance professionals to simply and quickly quote and compare employee health insurance benefits information. QuotePad eliminates off-line, redundant, paper-based processes. It provides sufficient, real-time, analytical functionality. Brokers, carrier sales representatives and underwriters are able to immediately respond to client quote requests, model interactive plan cost scenarios and close new business sales efficiently.
"With $375 billion wasted each year on billing and health insurance paperwork, there is tremendous opportunity for the right technology solution to reduce unnecessary administrative tasks and inefficiencies in workflow," said Jason T. Andrew, CEO and co-founder, Limelight Health. "MassMutual Ventures and AXA Strategic Ventures, as partners within the insurance industry, share our vision for changing the way insurance does business, focusing our valuable resources on people, not paperwork."
"We are extremely pleased to be supporting Limelight, as they provide the brokers and employers they serve with the ability to have more meaningful and productive meetings, providing an interactive view of available health plan and contribution options, and eliminating manual back-office work," said Eric Emmons, Managing Director of MassMutual Ventures. "This will enable more efficient and effective downstream payroll and health exchange platforms."
In a short fourteen months, with initial seed investment from seed investor and accelerator Launchpad Digital Health, Limelight Health has quickly gained traction in the digital health market with its direct-source data advantage working toward becoming the hub for rate and benefit data in the U.S. With the ability to import/export health plan and contribution selections, an API/Open Integration that works with industry software applications, such as CRM, benefits administration, payroll and accounting, Limelight Health technologies are simplifying and integrating previously held manual processes, under an all-in-one, online dashboard platform.
"The SME market represents a tremendous growth opportunity for AXA in the U.S. and we have been developing new solutions to empower insurance professionals to grow their business and better serve customers through the use of multi-interactive technology," said Manish Agarwal, General Partner, AXA Strategic Ventures. "Limelight shares our vision for serving this segment of the market with technology that redefines the customer experience while bringing more transparency to business processes and we look forward to working with them to evolve the way that employee benefits are offered and understood."
About Limelight Health
Limelight Health is a provider of mobile enterprise technology for the health insurance industry. The company was founded in February 2014, by health insurance experts and former insurance agents with a deep understanding of mobile technology. Limelight Health offers mobile, cloud-based technology that enables enterprise companies to simplify employee health benefits information and streamline the proposal, decision, and renewal process. Limelight Health has raised $3.7 million in venture capital to date from MassMutual Ventures, AXA Strategic Ventures, Launchpad Digital Health and other investors. Limelight Health is headquartered in San Francisco, California. For more information please visit www.limelighthealth.com.
About AXA Strategic Ventures
Launched in February 2015, AXA Strategic Ventures is a €200M venture capital fund dedicated to emerging strategic innovations in insurance and financial services, and to provide customer-focused solutions. AXA Strategic Ventures invests in startups via seed funding and also provides venture capital for more established companies. Active globally, the fund currently has 6 offices: San Francisco, New York, London, Paris, Zurich and Berlin, with a local presence in Asia coming in 2015. For more info: www.axastrategicventures.com.
About MassMutual Ventures LLC
MassMutual Ventures LLC backs entrepreneurial companies that are transforming the insurance and investment services markets through technology and business model innovation. Our key areas of investment focus include FinTech, data analytics, cybersecurity, digital health, and enterprise software. We lead or join investments into companies that are poised to create significant enterprise value through differentiated innovation and focused execution. Massachusetts Mutual Life Insurance Company (MassMutual) is the parent company of MassMutual Ventures LLC. For more info: www.massmutual.com.
About Launchpad Digital Health
LDH provides seed-stage funding and an accelerator program providing more capital, more time and more intensity for its portfolio companies and their founders. Each portfolio company co-locates with the LDH team, alongside other startups in digital health and technology, in an intense and engaging program where founders interact with LDH's founders, partners and mentors as critical business decisions are made toward the success of the business. The founders of LDH have funded, operated, and exited successful companies throughout healthcare and technology sectors, including digital health companies, over the past two decades. For more info: www.launchpdh.com.
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SOURCE Limelight Health
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