Limelight Health Secures $33.5M Series C Funding to Advance Employee Benefits Solutions

VCBeat (WeChat Official Account: vcbeat) has learned that Limelight Health announced on January 17, 2019 (local time) that it had secured $33.5 million in Series C financing. Participants in this round included AXA Venture Partners, MassMutual Ventures, Transamerica Ventures, Wells Fargo Strategic Capital (a division of Wells Fargo Commercial Capital), and Wanxiang America Healthcare Investments, among others.

Limelight Health is a technology company deeply rooted in the employee benefits industry, dedicated to helping medical and supplemental insurance carriers transform traditional quoting, underwriting, and proposal processes. The company’s innovative platform offers a suite of highly configurable microservices, including quoting, rating, proposal generation, renewals, pre-sales automation, new business processing, underwriting, enrollment support, data analytics, reporting, consumer delivery, agent self-service, and document management. Limelight Health’s system effectively reduces time and labor costs for medical and supplemental insurance carriers, thereby increasing their profitability.

Limelight Health officially stated that it will use the proceeds from this round of financing for product development, customer acquisition, global expansion, and recruitment. In terms of enhancing product features, Limelight Health will make further efforts, including creating more streamlined workflows and establishing dataset-based risk scoring mechanisms, thereby delivering higher-quality products and services.

“Limelight Health’s most impressive product is its cloud-based enterprise software, which modernizes the enrollment and quoting process and successfully addresses the significant challenges faced by 60% of small and medium-sized enterprises in administering employee benefits,” said Kara Hoogensen, Vice President of the Benefits Division at US Insurance Solutions Group.

“This round of funding provides us with sufficient capital to achieve our established goals, and we believe users will soon see a more refined and user-centric product,” said Jason T. Andrew, CEO and Co-Founder of Limelight Health. “The employee benefits industry has long relied on manual workflows, with enterprises frequently criticizing its overly redundant processes and poor user experience. Addressing this market pain point, we are diligently refining our product to deliver a superior user experience.”

AXA Venture Partners is a venture capital and growth equity firm managing $275 million in assets. Established in 2015, it primarily invests in companies operating in the fields of fintech, enterprise software, digital health, and consumer technology.

MassMutual Ventures is the corporate venture capital arm of MassMutual. MassMutual Ventures LLC (MMV) is a $100 million corporate venture capital firm primarily focused on investing in startups and small to medium-sized emerging companies.

Transamerica Ventures is the corporate venture capital arm of Aegon Group and Transamerica, primarily investing in early-stage high-tech companies worldwide.

Wells Fargo Strategic Capital is the investment and commercial division of Wells Fargo & Company. The firm primarily provides structured financing to small and mid-sized companies in the United States and Canada, with business activities including project development financing and other subordinated debt.

Wanxiang America Healthcare Investments is a venture capital group focused on medical technology and digital health, primarily investing in the seed and growth stages of enterprises.