Nayya, an online platform that helps employees find, book, and pay for the right health insurance plan, raised $37 million in a Series B financing round.
The funding round was co-led by SVB Capital and ICONIQ Growth, with investors including Bow Capital, Felicis Ventures, Social Leverage, and SemperVirens. Returning insurance company investors include Guardian Strategic Ventures and Unum Business Ventures, alongside health insurer CNO Financial Group.
Including the latest raise, Nayya has raised nearly $50 million to date. The company plans to use the latest funds to grow the size of its team and invest in new features for its core offerings.
Nayya says that the latest funds will help introduce its newly enhanced user experience with even more financial recommendations and personalized benefits risk scoring. The new user experience is intended to make data-driven decisions for employees about their health plans and benefits, the company said in a statement.
“We are committed to improving the healthcare experience for employees. Employee financial wellness is more important than ever, with employee health being the largest driver,” said Sina Chehrazi, Co-Founder and CEO at Nayya.
“This new capital will accelerate the growth of Nayya’s ‘system of influence,’ within ‘systems of record’ across the United States. Once employees can fully understand their benefits and become confident consumers of healthcare, we can build a much stronger, much more efficient market,” said Sina Chehrazi, Co-Founder and CEO at Nayya.
The company’s products include Choose, a personalized decision support engine that helps employees select the right plans for their lifestyles during enrollment. And the newly launched Use product, an AI-driven, automated healthcare claims assistance and benefits engagement solution designed to help employees save money.
“The idea of a personalized benefits experience, coupled with data science and AI technology that can tie all your benefits decisions together, has really never existed before,” said Tilli Bannett, Managing Director at SVB Capital. “Nayya has reinvented the entire benefits experience, creating a brand-new medium that empowers consumers while helping them save money and avoid unexpected medical costs.”
“We believe Nayya is redefining benefits decisioning for American workers,” said Caroline Xie, General Partner at ICONIQ Growth. “Nayya’s data science and AI-powered products greatly improve the benefits experience, enabling employers to better serve their employees while also empowering employees to make informed decisions on their benefits which can drive immense value to their lives.”
Digital health companies raised $7.2 billion in Q1 2021, according to Mercom’s Q1 2021 Digital Health Funding and M&A Report.