[Funding alert] Pune-based Loop Health raises $2.3M from Sierra Ventures, Y-Combinator, and others
Pune-based Loop Health, an health insurance broker, has raised $2.3 million in its seed round led by US-based venture capital firm Sierra Ventures to scale up its solution and disrupt the healthcare benefits sector.
The round also saw participation from Y Combinator, Soma Capital, Daniel Burka (former Partner at Google Ventures), Kevin Lin (former CTO at Twitch), Shiva Rajaraman (former CTO at WeWork), Al Goldstein (CEO, serial fintech entrepreneur with Avant & Amount), Tracy Young (former CEO of PlanGrid), and others.
Loop Health was founded in 2018 by Mayank Kale and Ryan Singh to address issues related to health benefits such as poor quality primary care and misaligned incentives leading to unnecessary hospitalisations and claims. The startup is a health insurance broker with an in-house medical team to aid businesses provide healthcare to its employees.
It had raised a pre-seed round to build the startup and also onboarded Amrit Singh (former VC at TechNexus Venture Collaborative in Chicago) and Shami Raj (former Head of Product Design at Care.fit and Amazon Pay India) to scale up its solution.
“Loop Health is exceedingly simple. If a company purchases their employee health insurance plan through Loop Health, we add our continuous, unlimited primary care and wellness benefits for free. That means each employee and their family is assigned a dedicated medical advisor they can connect with 24/7 about any question related to health or insurance. Members can schedule unlimited virtual consults anytime with our in-house team of family-medicine specialists,” Co-founder and COO Ryan Singh said.
The startup enables the businesses to help their employees get proper healthcare services without the issues related to visiting clinics, waiting in line, and having to pay for each appointment. Using its mobile app, members can get access to preventative care and a team of doctors any time.
The startup claims to have onboarded 100 companies in the last few months as its early adopters and is now planning to roll out its solution more broadly in the coming months.
Speaking about the future plans, Ryan added, “The team is currently building a value-based care system which incentivises doctors to keep the users healthy proactively instead of treating only when they are sick.”