Maxwell Health Raises $26.4 Million Series B Round of Funding
Maxwell Health
Maxwell Health, a Health-as-a-Service platform that allows people to take charge of their health and benefits, announced Thursday a $26.4 million financing round led by Adams Street Partners.
Cambia Health Solutions and Schooner Capital will join the round, along with Brothers Brook, LLC, founded by Jeffrey H. Boyd, Chairman of the Board of Directors of The Priceline Group, Inc., and CEO from 2002-2013, and Annox Capital, LLC, founded by Robert J. Mylod, who served as Priceline’s CFO until 2009 and Vice Chairman from 2009 to 2012.
Maxwell’s current investors Vaizra Investments, Tribeca Venture Partners, Catalyst Health Ventures, Serious Change, and Lerer Hippeau Ventures have all contributed in this round as well. Maxwell Health previously raised an $8 million series A round in December 2013.
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Maxwell is an end-to-end operating system for benefits that includes a marketplace, a benefits administration system, and a mobile platform where employees access everything benefits-related, navigate the healthcare system, and manage their health and wealth.
Maxwell leverages data from different products and services to provide more informed solutions to employees through a mobile app available on iOS and Android.
The app includes a virtual insurance ID card for access to benefits and wellness information 24/7, and a turnkey wellness program streams in data from fitness devices from Fitbit and Jawbone for contextualized, relevant feedback.
Maxwell will use the funding to grow its team, spur faster customer growth, and continue to expand product functionality.
Veer Gidwaney, Maxwell CEO and co-founder, said in regards to the financing, “We’re excited about the opportunity to bring a whole new experience around health and benefits to people across the country. This funding gives us the ability to do that, and will help us as we continue to revolutionize this space.”
Adams Street Partners, a leading manager of private equity investments, has offices in Chicago, London, Menlo Park, Singapore, Beijing, and Tokyo.
