NEW YORK and CAMBRIDGE, Mass., Dec. 17, 2013 /PRNewswire/ -- Maxwell Health ("Maxwell"), a web- and mobile-based platform that vastly simplifies employee benefits management, today announced that it has secured a $6 million series A1 financing. The company will use the funding to meet the growing demand for its service from companies and benefits advisors across the country.
The funding round was led by Vaizra Investments, with participation from new investor Catalyst Health Ventures, previous investors Tribeca Venture Partners, Serious Change, Lerer Ventures, BoxGroup, and angel investors with deep industry expertise. In August, the company announced $2 million in funding, bringing its total series A round to $8 million.
Available nationwide, Maxwell is a user-friendly SaaS platform for creating and managing employee health plans, benefits and payroll. It enables the simple management of a wide array of HR functions, from onboarding to retirement planning. Maxwell also lowers health care costs by giving organizations and employees greater control over their health spending, and by using incentives to promote health.
"Maxwell is the first-ever operating system for managing employee benefits," said Veer Gidwaney, CEO and co-founder of Maxwell Health. "We see the platform as fundamental to the infrastructure of any company, just like turning on email, and other core apps and services."
Businesses and their benefits advisors use Maxwell to set up, optimize and manage private health and benefits exchanges. The service enables companies with existing health and benefits plans to seamlessly sync them onto Maxwell's platform. Maxwell's easy-to-use portal lets companies and employees manage their full range of benefits, including medical, dental, vision, life, disability, COBRA administration, HRA/HSA, FSA and 401(k). A real-time dashboard offers benefits administrators and advisors the ability to track engagement and company spending.
Maxwell's concierge service acts as an informed, unbiased advocate available to recommend physicians, fix billing errors, schedule appointments, compare prescription prices and more. A mobile app makes it convenient for employees to access the concierge service and manage all their benefits.
Employee wellness is central to the Maxwell platform, which offers creative health incentives, challenges and fitness devices. Employers can easily fund rewards for hitting health targets that employees can redeem through the portal or the mobile app.
Benefits advisors nationwide have been partnering with Maxwell to offer clients a comprehensive, customizable benefits platform and private exchange that saves time and money, and improves employee health and wellbeing. The Maxwell technology platform gives these advisors a significant competitive edge in an increasingly complex employee benefits landscape.
About Maxwell Health:
Based in New York, NY, and Cambridge, MA, Maxwell Health (maxwellhealth.com) is an innovative human resources platform that manages benefits and promotes employee health. The company uses a unique combination of SaaS platform and concierge service to radically simplify benefits, reduce insurance costs and incentive employee health.
SOURCE Maxwell Health