Funding round led by Valspring Capital, a new growth equity fund founded by the former Bain Capital Ventures healthcare investment team; brings total funding raised to date to more than $108M.
HealthJoy, a healthcare navigation platform that drives benefits satisfaction, improves care outcomes, improves employee satisfaction and reduces HR burden, today announced it has raised $60M in Series D funding. Valspring Capital led the round with participation from new investors Endeavour Vision and CIBC Innovation Banking. Existing investors US Venture Partners, GoHealth co-founders Brandon Cruz and Clint Jones, Health Velocity Capital, Nueterra Capital and Epic also participated in this round.
This new investment brings the total funding raised by HealthJoy to $108M, and will be used to accelerate growth while maintaining the best user experience in healthcare navigation.
“This is a special moment in our journey to create an intuitive, connected experience that takes the confusion and complexity out of healthcare while reducing the ever-growing administrative burden faced by HR leaders,” said Justin Holland, CEO and co-founder, HealthJoy. “As we enter 2023, employers will continue to be challenged to add new point solutions. Due to the hard work and dedication of our global team, we are in the strongest position we have ever been to support employers in this new era.”
As the workforce moves from ‘The Great Resignation’ to ‘The Great Realization’ and employees reevaluate how to live happier, healthier and more fulfilling lives, the battle for talent is intensifying. Employers find themselves under immense pressure to deliver benefits that provide increased value, attract talent and satisfy existing employees while balancing rising costs and decreased resources.
HealthJoy is powering HR leaders through this new era by enabling them to minimize healthcare costs, maximize benefits engagement, reduce administrative burden and improve employee well-being. The company provides in-depth healthcare benefits navigation to over 1000 U.S. employers, supporting the management and delivery of world-class healthcare benefits to nearly half a million employees and dependents.
Aneesha Mehta, co-founder of Valspring Capital and former Partner at Bain Capital Ventures, said, “We’re thrilled to invest in HealthJoy and accelerate their impressive platform growth. As users of healthcare technology ourselves, we genuinely identified with a core issue that HealthJoy fights: a serious lack of benefits awareness that leads to under-utilization by employees. Offering a solution that simplifies benefits is a key differentiator in the talent war the market currently finds itself in. We look forward to amplifying HealthJoy’s solutions as we’ve seen the value they bring firsthand.”
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