Angle Health, a payer working with employers, has raised $134 million in an oversubscribed series B round.
The round was led by Portage alongside existing investors Blumberg Capital, SixThirty Ventures, Y Combinator and others. The raise included a combination of debt and equity, bringing total funding to nearly $200 million. The company plans to continue scaling operations to meet surging demand for alternative payer products.
Powered by an integrated, artificial-intelligence-enabled platform, Angle Health offers a digital-first care navigation experience with customizable plans for employers. It integrates medical and pharmacy data, demographic information, real-time claims patterns and population health data to help employers spot risk and design interventions accordingly.
"The healthcare benefits ecosystem wasn't designed for the small-to-medium-sized businesses that employ nearly half of America's workforce, and legacy technology can't deliver on the efficiencies and savings unlocked by AI," Ty Wang, co-founder and CEO of Angle Health, said in a press release. "We're rebuilding healthcare infrastructure and care pathways to give all employers access to the comprehensive benefits historically reserved for large enterprises."
Since its last funding round in 2022, Angle Health has seen top-line revenue growth of 26x, now serving more than 3,000 employers in 44 states, per the press release. Angle targets small and midsized companies with the goal of helping them manage their costs over the long run. Healthcare benefit costs are rising much faster than inflation and wage growth. A further increase of 6.7% is projected for 2026, according to Mercer.
By bundling telehealth and behavioral benefits with administrative services and care navigation, Angle Health is a “one-stop healthcare benefits shop,” Wang previously told Fierce Healthcare.
"The Angle team is taking a novel approach to one of the biggest challenges facing employers today: how to provide employees with quality healthcare access while keeping costs in check,” Ricky Lai, general partner at Portage, said in the press release. “They are using human-centered AI to rebuild the operational and financial infrastructure behind healthcare benefits. We are humbled to be a part of the Angle Health journey.”