December 5, 2014
Maxwell Health has just announced that they raised a $26.4 million financing round. At this point we’re no stranger to the power that the Maxwell Health platform offers people so that they can take charge of their health and benefits; they were selected as the Nation’s Hottest Showcasing Startup at our first annual Tech Cocktail Celebrate Conference in 2013.
The funding round was led by Adams Street Partners with support from Cambia Health Solutions, Schooner Capital, Brothers Brook, LLC, and Annox Capital, LLC. In addition, Maxwell Health’s current investors in Vaizra Investments, Tribeca Venture Partners, Catalyst Health Ventures, Serious Change, and Lerer Hippeau Ventures have all contributed in this round as well. This follows an $8 million Series A round raised in December 2013.
“Maxwell Health is disrupting an exciting industry that’s ripe for change,” says Tom Bremner, Principal at Adams Street Partners. “We’re thrilled to partner with a team like this on a product that’s changing the way companies, and more importantly, consumers everywhere think about and engage with their health and benefits.”
Specifically, the money will be spent in three main areas. First, they’ll continue to invest in the platform and deepen its capabilities. Second, Maxwell Health with grow their Services team to match their growing customer base. And third, they’ll be making a big investment in their sales team to match the high demand for the Maxwell Health platform.
“One short year ago, Maxwell Health numbered just 14 people in a small office in Cambridge, Massachusetts,” says Veer Gidwaney, CEO and co-founder of Maxwell Health. “Today, we’re a dynamic team of 68 employees headquartered in downtown Boston, with remote offices in New York, Baltimore, Minneapolis, Denver, and Los Angeles, and hiring fast across all teams, all over the country.”
Their rapid growth can be attributed to the segment of the market they’re tapping: Americans spend hundreds of billions of dollars a year on employee benefits. Maxwell Health has made it their mission to empower people to take charge of their health and benefits with a product that unifies the entire experience for consumers and employers alike.
“The market opportunity here is enormous, and for a fundamental macroeconomic reason: health and benefits are becoming more consumer-centric, the expectations consumers have for that experience are high, and the technology that currently facilitates that experience does not meet their expectations,” says Gidwaney. “The potential customer landscape is tens of millions of people. I believe that every working American should be using something like Maxwell.”
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