Health Insurance startup Loop Health Secures $25 Mn in Series B funding
- ByStartupStory | April 20, 2022
Pune-based health/insurtech startup Loop Health has raised 25 Million USD in a Series B round of funding led by General Catalyst, Sierra Ventures, and Elevation Capital. According to a press statement, Optum Ventures, a new investor, also participated in this funding round along with existing investor Vinod Khosla.
The fund raised would be used to drive its product development, and sales growth and hire more talent to help further scale its business. Loop Health was founded in the year 2018 by Mayank Kale, Shami Raj, Ryan Singh, and Amrit Singh. The health and insurtech startup Loop offers such as group health insurance plans to companies and allows users to manage their health records on a single platform. Loop also offers their health benefits complementary to companies who buy health insurance from them.
“When we started Loop in the year 2018, it was to change how the healthcare system worked. We wanted Loop to be more preventive than reactive. We wanted to bring doctors and insurers on the same side for once so that we create a health assurance model that is incentivized to keep more people healthy. Through our journey, we’ve also been able to bring back the concept of family doctors to India,” said Mayank Kale, co-founder and Chief Executive Officer, of Loop.
“Care delivery in India has many pain points with conflicting incentives, and Loop is changing the cost equation by allowing providers and payers to work together. Through its affordable pricing and unique product, Loop has a significant competitive advantage”, said Vinod Khosla, founder of Khosla Ventures.
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