Angle Health sells health plans and digital benefits tools to employers, with a focus on small and midsize businesses. The San Francisco company announced a $200 million Series C alongside a $400 million tender offer at a $2.7 billion valuation, MedCity News reported.
For employers, the product starts with a customizable health plan that can include telemedicine, behavioral-health services and other digital-care options. Angle Health supplies the benefits package as well as services delivered through it.
Employees use Angle Health’s app to navigate care and connect with the company’s care team. The workflow puts plan selection on the employer side and care guidance in workers’ hands after they enroll.
Angle Health says it serves more than 5,000 employers across 47 states. That makes the round an expansion bet on a nationally distributed benefits platform, not launch funding for an untested product.
The package is easy to misread as a $600 million cash infusion. The Series C contributes $200 million of new primary equity; the other $400 million is a tender offer, making the liquidity component twice the size of the capital raise.
Vitruvian Partners led the Series C, joined by Town Hall Ventures, Blumberg Capital, Portage Ventures, PruVen Capital and Y Combinator. After the new round, Angle Health has raised $334 million in primary equity, so this financing represents most of the primary capital it has raised to date.