NEW YORK, March 1, 2022 /PRNewswire/ -- Nayya Health, Inc. ("Nayya"), a leading benefits experience and healthcare management platform, today announced that it has raised $55M in Series C financing led by existing investor ICONIQ Growth. ICONIQ Growth was joined by new investors Transformation Capital along with existing investors Felicis Ventures and SemperVirens. As part of the financing deal, Mike Dixon from Transformation Capital will join the company as a Board Observer.
The current round comes on the heels of a $37M Series B round announced nine months ago – all since the company's founding in 2019. With a total of $106M raised to date and 7x revenue growth in 2021, Nayya is one of the fastest growing digital health and benefits companies in the United States.
For a significant portion of the U.S. workforce, navigating the healthcare and benefits system is an extremely frustrating, stressful, and confusing process. The problem: A majority of Americans simply don't understand the choices presented and which they have to select during open enrollment. Moreover, consumers often spend too much on insurance benefits they never use – resulting in decreased benefits engagement, utilization, and unforeseen medical debt.
With skyrocketing medical, student loan, housing, and other debts posing a serious financial burden on individuals across the U.S., Nayya is reinventing the way employees choose and use their benefits through personalized insights and year-round guidance to make open enrollment, onboarding, and qualifying life events simpler for employees and employers alike. With Nayya's platform – powered by AI and data science – employees have a chance for the first time ever to receive proactive and personalized guidance to improve health and wellness outcomes – using their personal data to make smarter healthcare and benefits decisions.
"We believe Nayya's exceptional growth and adoption in just over two years is a true testament to the strength of the sophisticated data-driven platform and growing market need. It's becoming increasingly critical for employees to be equipped with effective and data driven tools to make more informed benefit decisions both at enrollment and throughout the year," said Caroline Xie, General Partner at ICONIQ Growth. "We are thrilled to continue supporting the Nayya team as they extend their mission."
"Investing in the future of benefits is extremely important, especially as the healthcare landscape and expectations of consumers are changing so rapidly," said Mike Dixon, Managing Partner at Transformation Capital. "Nayya has successfully integrated Artificial Intelligence into the entire benefits experience – creating a consumer-driven platform that erases benefits-related confusion and stress – while solving a massive challenge almost all businesses and their employees face."
The latest funding will be used to accelerate product innovation, expand partnerships with major healthcare solutions, bolster collaboration with some of the country's largest employers, and continue investment in expanding Nayya's connected data footprint to deliver stronger consumer experiences.
"In the last two years, there has been a dramatic uptick in anxiety, loneliness, and depression amongst countless individuals, drastically altering the lives of workers across industries," said Sina Chehrazi, Co-Founder and CEO of Nayya. "That's why it's so essential for organizations to offer quality, personalized benefits and coverage plans to empower a dynamic, creative, and engaged workforce. This investment is a vote of confidence in our mission to make the healthcare and benefits experience clearer, quicker, kinder, much more beneficial and economical."
"With companies across the board reassessing the way they approach employees' physical and mental health, our personalized platform offers curated AI-driven recommendations to help employees prioritize their wellbeing and save money, creating a win-win for employers and their workforces," added Akash Magoon, Co-Founder and CTO of Nayya.
At Nayya, we believe there's a better way to choose and use benefits. A more transparent, less confusing way for employees to control their health and financial potential. Powered by billions of data points and machine learning, our benefits experience platform delivers personalized decision support and guidance during open enrollment, new employee onboarding, qualifying life events, and in the moments that matter all year round. This is one of the most stressful and challenging situations consumers face – and we see that as an opportunity to build an innovative response that can help millions of Americans possess the control and understanding they deserve. Join the consumers and their employers that are now living with more peace and confidence at Nayya.com.
About ICONIQ Growth
ICONIQ Growth partners with exceptional entrepreneurs and leaders who drive global impact and change. We are inspired by visionaries defining the future of their industries by building company cultures that endure. Our unique investment platform harnesses the power of ICONIQ Capital's vibrant ecosystem of founders, pioneers, and business leaders with the goal of delivering tangible value and amplifying our portfolio companies' success from early growth stage to IPO and beyond. ICONIQ Growth's portfolio of innovators includes Adyen, AirBnB, Alibaba, Alteryx, Automattic, BambooHR, Braze, Chime, Collibra, Coupa, Datadog, Docusign, Gitlab, Marqeta, Miro, Procore, Red Ventures, Relativity, ServiceTitan, Snowflake, Sprinklr, Truckstop, Uber, Wolt, and Zoom, among others. For more information and a complete list of portfolio companies, please visit ICONIQGrowth.com.
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SOURCE Nayya Health, Inc.