[Funding alert] Health and insurtech startup Loop Health raises $25M in Series B
The Pune-based startup has raised $40 million in total funding, to date.
on Tuesday said it has raised $25 million in a Series B round led by General Catalyst and Elevation Capital.
Loop also added a new investor, Optum Ventures, to its cap table, and saw participation from existing investor Vinod Khosla.
The Pune-based healthcare and insurtech startup had raised $12 million in its series A just six month ago.
“Loop's healthcare-first mission aligns deeply with our thesis that an outcome-focused solution is needed to crack an age-old market that sells insurance as a commodity," said Mayank Khanduja at Elevation Capital.
The startup said in a press release it will use the new funds to drive sales growth and product development, and hire more people to help scale its business.
Loop Health was founded in 2018 by Mayank Kale, Ryan Singh, Amrit Singh, and Shami Raj. It provides group health insurance plans to companies, and lets users manage all their health records on a single platform.
The startup claims its revenue has grown 5X from the previous financial year, and now provides service to over 1.3 lakh members across 300+ companies, pan India.
"We wanted it (the healthcare system) to be more preventive than reactive. We wanted to bring insurers and doctors on the same side for once so that we create a health assurance model that is incentivised to keep people healthy," said Mayank, Loop's co-founder, in the press release.
"Through our journey, we’ve been able to bring back the concept of family doctors to India," he added.
Edited by Megha Reddy