Nava Benefits receives $40M to help bring digital-first benefits to smaller businesses
Summary
Armed with fresh capital, Nava Benefits hopes to take advantage of what it believes will be a disruption in the way smaller businesses approach health and wellness benefits, including the many digital tools now on the market.
Nava Benefits, a benefits brokerage, has announced a $40 million influx of capital.
The funding was part of a series B round led by Thrive Capital, alongside participation from new and existing investors like Sound Ventures, GV and Maven Clinic’s vice president of Sales, Isha Vij. The funds will be used to expand Nava’s operations.
Many Americans face challenges in accessing affordable care, yet Fortune 500 companies have the resources to offer their employees benefits to fill that gap, Nava argues. The company exists to bring benefits to small and medium-sized businesses that may struggle to keep healthcare costs low: Among those with less than 500 employees, health benefit costs grew 9.6% in 2021, a higher rate than that of large employers with 5% growth. Nava clients’ average premium renewal rate is 73% lower than the former figure, it claims.
Read more: https://www.fiercehealthcare.com/finance/nava-benefits-receives-40m-transform-benefits-brokerage-space
