BOSTON and NEW YORK, Dec. 4, 2014 /PRNewswire/ -- Maxwell Health (Maxwell), a revolutionary Health-as-a-Service platform that empowers people to take charge of their health and benefits, announced today a $26.4 million financing round led by Adams Street Partners. Cambia Health Solutions and Schooner Capital will join the round, along with Brothers Brook, LLC, founded by Jeffrey H. Boyd, Chairman of the Board of Directors of The Priceline Group, Inc., and CEO from 2002-2013, and Annox Capital, LLC, founded by Robert J. Mylod, who served as Priceline's CFO until 2009 and Vice Chairman from 2009 to 2012. Maxwell's current investors Vaizra Investments, Tribeca Venture Partners, Catalyst Health Ventures, Serious Change, and Lerer Hippeau Ventures have all contributed in this round as well. Maxwell Health previously raised an $8 million series A round in December 2013.
Americans spend hundreds of billions of dollars every year on employee benefits that are hard to understand and even harder to use, and companies manage benefits with outdated technologies. Maxwell is on a mission to empower people to take charge of their health and benefits with a product that's simple and easy to use, and that unifies the entire experience for consumers and employers alike. The company partners with organizations who have made Maxwell an integral part of their offering and go-to-market strategy, including benefits brokerage firms, insurance carriers, professional employment organizations (PEOs), third party administrators (TPAs), and Human Capital Management software companies to serve employers nationwide. Maxwell has grown their employer customer base by over 1000 percent in 2014.
Maxwell is an end-to-end operating system for benefits that includes a marketplace, a comprehensive benefits administration system, and a mobile platform where employees access everything benefits-related, navigate the healthcare system, and manage their health and wealth.
Employers can offer all lines of insurance, including both fully- and self-insured medical insurance, and individual products from the state and federal exchanges, dental, vision, life, short and long-term disability, along with financial benefits such as 401(k) and HRA/HSA/FSA. These are combined with other innovative best-in-class products and services, including Doctor on Demand for telemedicine, Care.com for child care services, Health Advocate for concierge services, HelloFresh for healthy meal delivery, identity theft protection from ID Watchdog, and biometric screening from BioIQ.
Maxwell works with these partners and insurance carriers nationwide to provide data connectivity to simplify managing benefits enrollment and ongoing changes. Integrations with payroll vendors such as ZenPayroll and Human Capital Management software companies including BambooHR and SilkRoad make it easy for companies to keep their current HR and payroll setup, while using Maxwell for health and benefits.
Maxwell leverages data from these products and services to provide more informed solutions to employees through a mobile app available on iOS and Android. The app includes a virtual insurance ID card for access to benefits and wellness information 24/7, and a turnkey wellness program streams in data from market-leading fitness devices from Fitbit and Jawbone for contextualized, relevant feedback.
Maxwell will use the funding to grow their team, which is expected to double in the next year, spur even faster customer growth, and continue to expand product functionality.
Veer Gidwaney, Maxwell CEO and Co-Founder, said in regards to the financing, "We're excited about the opportunity to bring a whole new experience around health and benefits to people across the country. This funding gives us the ability to do that, and will help us as we continue to revolutionize this space."
"Maxwell Health is disrupting an exciting industry that's ripe for change," said Tom Bremner, Principal at Adams Street Partners. "We're thrilled to partner with a team like this on a product that's changing the way companies, and more importantly, consumers everywhere think about and engage with their health and benefits."
About Adams Street Partners
Adams Street Partners is one of the largest managers of private equity investments in the world and has one of the longest histories. Together with its predecessor organizations, Adams Street Partners has been managing venture capital and growth equity investments in private equity since 1972, investing in private equity partnerships since 1979 and is credited with establishing the first private equity fund of funds for institutional investors. Adams Street Partners' venture capital and growth equity team focuses on providing capital to rapidly growing technology and healthcare companies. The firm currently has 130+ employees and more than $26 billion of assets under management. Adams Street Partners has offices in Chicago, London, Menlo Park, Singapore, Beijing and Tokyo.
About Maxwell Health
Maxwell Health, a fast-growing industry leader in health IT, is the first Health as a Service platform. This revolutionary operating system for employee benefits engages employees, incentivizes a holistic view of health, and provides a centralized place to access health and benefits services. Maxwell's web portal and mobile app enhance the benefits experience by leveraging data from integrated services, meaning better, more informed health solutions. Market leaders, including benefits brokers, TPAs, carriers, and other vendors, license Maxwell's technology to use with their employer clients.
For more information about Maxwell Health, please visit www.maxwellhealth.com
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SOURCE Maxwell Health