CHICAGO, Oct. 27, 2022 – HealthJoy, a healthcare navigation platform that drives benefits satisfaction, improves care outcomes, improves employee satisfaction and reduces HR burden, today announced it has raised $60M in Series D funding. Valspring Capital led the round with participation from new investors Endeavour Vision and CIBC Innovation Banking. Existing investors US Venture Partners, GoHealth co-founders Brandon Cruz and Clint Jones, Health Velocity Capital, Nueterra Capital and Epic also participated in this round.
This new investment brings the total funding raised by HealthJoy to $108M, and will be used to accelerate growth while maintaining the best user experience in healthcare navigation.
“This is a special moment in our journey to create an intuitive, connected experience that takes the confusion and complexity out of healthcare while reducing the ever-growing administrative burden faced by HR leaders,” said Justin Holland, CEO and co-founder, HealthJoy. “As we enter 2023, employers will continue to be challenged to add new point solutions. Due to the hard work and dedication of our global team, we are in the strongest position we have ever been to support employers in this new era.”
As the workforce moves from ‘The Great Resignation’ to ‘The Great Realization’ and employees reevaluate how to live happier, healthier and more fulfilling lives, the battle for talent is intensifying. Employers find themselves under immense pressure to deliver benefits that provide increased value, attract talent and satisfy existing employees while balancing rising costs and decreased resources.
HealthJoy is powering HR leaders through this new era by enabling them to minimize healthcare costs, maximize benefits engagement, reduce administrative burden and improve employee well-being. The company provides in-depth healthcare benefits navigation to over 1000 U.S. employers, supporting the management and delivery of world-class healthcare benefits to nearly half a million employees and dependents.
Aneesha Mehta, co-founder of Valspring Capital and former Partner at Bain Capital Ventures, said, “We’re thrilled to invest in HealthJoy and accelerate their impressive platform growth. As users of healthcare technology ourselves, we genuinely identified with a core issue that HealthJoy fights: a serious lack of benefits awareness that leads to under-utilization by employees. Offering a solution that simplifies benefits is a key differentiator in the talent war the market currently finds itself in. We look forward to amplifying HealthJoy’s solutions as we’ve seen the value they bring firsthand.”
ABOUT VALSPRING CAPITAL
Established in 2022, Valspring is a Boston-based growth equity firm founded by the former healthcare investment team of Bain Capital Ventures. With deep sector expertise and a proven track record, we invest in growth-stage companies in the healthcare industry, focusing on the information technology, technology-enabled services and services sectors. Valspring is purpose-built to support scaling the best teams and solutions to achieve outsized impact and accelerate commercial adoption.
ABOUT ENDEAVOUR VISION
Endeavour Vision is a venture capital and growth equity firm founded in 2000, which invests in growth-stage digital health, medical device, and diagnostics companies in the U.S. and Europe. Its investments are focused on transformative healthcare technologies that bring superior clinical benefits for patients and significant efficiencies to healthcare systems. The firm partners with companies in the early stages of commercializing game-changing technologies and actively supports them beyond capital with strategic and operational expertise. To learn more, visit www.endeavourvision.com.
ABOUT HEALTHJOY
HealthJoy is a healthcare navigation platform that is simplifying the healthcare and benefits experience for every member. HealthJoy provides a connected healthcare experience that takes the confusion and complexity out of healthcare by connecting members with the right benefits at the right moment in their care journey. Their mobile-first platform and human concierge team bring benefits together to surface the best providers, virtual care, and savings. To learn more, visit healthjoy.com.
