HealthJoy Secures $30 Million Series C Led By Health Velocity Capital

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The Chicago-based health tech startup's latest funding round furthers its mission to guide members to affordable, high-quality healthcare.

HealthJoy, a Chicago based company, today announced a $30 million Series C round of funding led by Health Velocity Capital. Other round participants include existing investors: U.S. Venture Partners, Chicago Ventures, Epic Ventures, Brandon Cruz, and Clint Jones, co-founders of GoHealth. Saurabh Bhansali, Partner at Health Velocity Capital, will be joining HealthJoy’s Board of Directors. HealthJoy plans to use the proceeds to accelerate the development of its core platform and services.

Annual healthcare spending in the U.S. is approaching $3.5 trillion, and ninety-six percent of Americans struggle to define the four most common health insurance terms. Companies seeking a competitive edge have to ensure employees can make the most of their benefits. HealthJoy’s mission is to ensure that members have access to affordable, high-quality healthcare outcomes regardless of their plan benefits. Benefits consultants are constantly working to build innovative health plans to help reduce employer costs. When they deploy HealthJoy as the front door for their programs, they drive unmatched utilization, outcomes, and satisfaction.

"We believe the key to lowering costs lies in giving employees a simple, integrated benefits experience that helps them make smart, speedy decisions. As provider systems, networks, and care quality data become more transparent over the next ten years and new technology-powered services become available, our platform will seamlessly incorporate these tools. We'll be able to decrease costs, improve care, and make everything easy," said Justin Holland, CEO and Co-Founder of HealthJoy. "We'll continue to broaden our partnerships that align with that mission. Everyone at HealthJoy is excited that Health Velocity Capital is leading this round of funding, as they've worked with many leading health tech companies at our precise period of growth."

HealthJoy plans to use its Series C funding to integrate with more partners, aggregate more data to improve healthcare journeys, and further delight members through exceptional experiences. HealthJoy will also be accelerating it’s hiring in Chicago with a planned expansion of over 200 employees through 2021.

"HealthJoy offers proven technology solutions to help navigate employees through our nation's complex and costly healthcare system, one that costs US employers over $1.2 trillion each year. HealthJoy has shown that it can deliver substantial cost savings to employers while simplifying the employee healthcare experience," said Saurabh Bhansali, Partner at Health Velocity Capital. "We are extremely excited by the huge growth that HealthJoy has experienced and their acceptance in the marketplace. Their growing team created a platform that's second to none, and having seen their roadmap, even greater things are sure to happen in the future."

About Health Velocity Capital
Health Velocity Capital has offices in San Francisco, CA, and Nashville, TN, and invests exclusively in innovative healthcare software and services companies. The firm’s Principals have more than 50 collective years as investors, entrepreneurs and senior executives helping to build innovative companies that created important new healthcare markets and/or that became market leaders, including companies such as Teladoc, MDLIVE, Livongo, Ginger, and many others. In addition to investing on behalf of institutional investors, Health Velocity invests on behalf of a number of the nation’s largest and most influential healthcare organizations and a number of current and former healthcare senior executives and leaders. Collectively, these investors represent organizations that provide health insurance to more than 100 million Americans, operate more than 200 hospitals, provide pharmacy and PBM services to more than 75% of all Americans, and provide software and services to every major hospital in the United States. For more information, please visit http://healthvelocitycap.com/.

About HealthJoy

HealthJoy is a first-of-its-kind benefits experience platform helping companies save money while improving employee satisfaction. Through personalized guidance and AI technology, HealthJoy empowers employees to better use and understand their benefits. The result is happier employees, increased cost containment, and fewer questions for HR. Learn more at http://www.HealthJoy.com.

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Rick Ramos
HealthJoy
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