Boston, Massachusetts-based employee benefits platform company Maxwell Health raised $26.4 million in a round led by Adams Street Partners with participation from Cambia Health Solutions, Schooner Capital, Brothers Brook, and Annox Capital. Existing investors Vaizra Investments, Tribeca Venture Partners, Catalyst Health Ventures, Serious Change, and Lerer Hippeau Ventures also contributed. This brings the company's total funding to at least $34.4 million.
Employees use Maxwell Health's service to access their benefits information and manage their health. An employer's human resources team can also use the platform to handle paperwork, communicate with employees, and manage tasks.
Maxwell Health also offers products from its partners, including Doctor on Demand for telemedicine services, Care.com for child care services, Health Advocate for concierge services, HelloFresh for healthy meal delivery, ID Watchdog for identity theft protection, and BioIQ for biometric screenings. Additionally, Maxwell Health's wellness platform integrates with devices like Fitbit and Jawbone to track steps. Employees can participate in competitions with one another on the platform and earn rewards.
“As an example, all of your benefits details are on the mobile app, so when you go to the doctor’s office, you’re not carting around documents. All your details are on the phone. You know what’s covered and what’s not and you find the right physician to go to," CEO Veer Gidwaney told MobiHealthNews last December. "There’s a built-in concierge service that will help you compare costs, find the right doctor, and will even go so far as adjudicating a bill on your behalf.”
The company will use the recent funds to add more integrations to the service and invest in its sales team. Maxwell Health expects to have over 100 employees within a few months -- the team grew from 14 last year to 68 this year. In the past year, Maxwell Health has grown the number of its employer customers on the platform by over 1,000 percent. While they wouldn't disclose exact numbers, last year Gidwaney told MobiHealthNews the company had clients in "the triple digits".
