Health insurance business Sana Benefits has closed a $20m Series A extension funding as it works towards extending coverage for SMEs.
Participating in the Series A were existing investors Gigafund, Trust Ventures and mark vc as well as a range of new investors including Breyer Capital, JAM Fund, American Family Ventures and Harmon Brothers Ad Ventures.
Launched in 2017, Sana claims it in on a mission to develop a more human health plan and expand health insurance options for SMEs. The company provides medical, vision and dental plans with members able to enjoy mental wellness, physical wellness and virtual primary care.
Sana is currently available in Arizona, Texas, Oklahoma, Kentucky and Illinois. The firm revealed it has plans to launch Sana MD in Austin, Texas, which will provide comprehensive primary care as well as same day or next day appointments.
Sana CEO and co-founder Will Young said, “Sana’s goal is to improve health outcomes and decrease healthcare costs. We’ve developed a care model that keeps members healthy by focusing on primary and preventive care and providing access to centers of excellence for more complex procedures. At the same time, our marketing and sales efforts are laser-focused on ensuring that as many small businesses as possible are taking advantage of that model. This round of investment supports both of these initiatives.”
American Family Ventures managing director Katelyn Johnson added, “For years, there has been a gap in the small business healthcare market which has resulted in unaffordable and rising premiums with lacklustre coverages. In fact, even most Fortune 500s have opted to self-fund for exactly this reason. Sana is bringing much-needed innovation to the overlooked but massive, small and midsize business segment through their level-funded product and revolutionising the care options and benefits that these companies can provide to their employees.”
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