Collective Health, an enterprise health management startup, has raised another $110 million. The investors are Founders Fund and Alphabet’s investment arm GV. The latest investment brings the total now raised to a solid $230 million.
Collective Health was founded by Ali Diab and Rajaie Batniji with an aim to cut out health insurance. Instead, the company put forth a new offer to the employers, where they could pick and choose the health schemes that were covered for their employees.
“The Collective Health Platform eliminates this fragmentation, removing inefficiencies, lowering costs, and improving the experience for American employers and workers,” said Diab. Collective Health was set up with a hope that this would make for a less expensive and more efficient process.
The company has grown massively over the years and today caters to the health needs of more than 120,000 individuals. There are several high-profile employers, including RH (formerly Restoration Hardware), as well as tech companies such as Palantir, SpaceX, and eBay who have signed up with Collective Health.
Today’s investment raise is partially a follow-up a previously unannounced C-1 for $30 million and another $80 million in Series D funding. Interestingly, there’s also a new investor for Collective Health, Mubadala. Mubadala makes this one of the first investments from the Abu Dhabi-based fund.