Sana raises $60m to take on health insurance

Sana, a health care company that provides health benefits to small businesses at affordable prices, has raised $60m in Series B funding.

The round was co-led by the company’s original investors Trust Ventures and Gigafund.

Existing investors who participated in the round included American Family Ventures, mark vc, Breyer Capital, JAM Fund and Liquid 2.

The Series B close follows Sana’s $20 m Series A Extension funding round close in October 2021. Sana has raised $107m to date.

Sana said it is revolutionising health care options for small businesses. Headquartered in Austin, Sana provides small businesses with health insurance and benefits. The company said its customers often up save up to 30% compared to legacy insurers and most customer receive 0% increase renewals.

This funding, according to Sana, will allow it to expand its team, particularly those who work as member advocates and in customer success, to serve an “unprecedented volume” of new customers.

Sana said its clients have grown by more than 200% during the past year. Operating only in Texas in early 2020, Sana today is available in eight states. The company also recently expanded into Virginia and Indiana, and will continue its reach into new states during the coming months.

The company added that this latest capital from top investors in the InsurTech industry speaks to its trajectory and challenging the incumbent health insurance companies.

Salen Churi, Trust Ventures general partner, said, “Health insurance is a critical way employers can support their employees, but small business health care has been stagnant for decades.

“Sana delivers dramatically better care at lower prices that meets users where they’re at. Sana has a revolutionary all-access network so that members can keep their preferred providers as well as telehealth and access to the best health and wellness apps on the market – all at a lower cost to small businesses than legacy health insurance.”

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