Exclusive: Amino nets $80M for health benefits navigation
Health benefits navigation startup Amino Health netted $80 million in undesignated equity and debt financing, CEO David Vivero tells Axios exclusively.
Why it matters: As benefits markets expand and contend with new regulatory requirements, companies offering navigation tools have become more appealing to members and providers of such benefits.
Deal details: Transformation Capital and Oxford Finance LLC led the round, which follows previous Series A, B, and C rounds and brings the company's total capital raised to $150 million.
- Funds, which Vivero says were a fairly even split of debt and equity, will go towards product development and marketing.
- "There are no plans to raise additional capital," Vivero says.
- As part of the funding, Transformation managing partner Mike Dixon joins Amino's board of directors.
How it works: The San Francisco-based company operates an enterprise subscription model, offering a set of customizable tools to customers including health plans, third-party administrators and benefits administrators.
- The company has "hundreds" of customers, per Vivero, including the State of New Jersey and The Wonderful Company. Amino's data includes 26 billion claims.
- The company also uses 200 clinical quality measures to assess the safety and necessity of various treatments and procedures, from everyday concerns such as nausea to cancer or surgery.
State of play: Developers of insurance- and benefits-navigation platforms are attracting fresh venture interest as markets such as Medicaid and Medicare Advantage become increasingly competitive. For example:
- Benefits-matching startup Soda Health last fall collected $25 million in Series A funds.
- Fair Square Medicare last summer garnered $15 million in Series A funding to help older adults navigate Medicare.
- Transcarent last winter raised $200 million in Series C funds to guide consumers through employer-sponsored benefits.