Powerhouse syndicate funding digital alternative to traditional health insurance
TORONTO: LEAGUE, a new digital health insurance platform, has announced it has raised $25M USD in Series A financing, led by OMERS Ventures, Canada’s largest investment firm. The team of investors also includes financing from: Infinite Potential Technologies; Real Ventures; and BDC IT Venture Fund. Strategic investments have been provided by: RBC, owner of Citi National; John Hancock’s parent company, Manulife Financial; and Power Financial Corporation.
“We started LEAGUE to transform the consumer healthcare experience and today we are doing that by redefining health insurance with a digital platform that puts the consumer first, and lowers costs for employers with digital payments,” said Michael Serbinis, founder and CEO of LEAGUE. “We are thrilled to have the support of our new and existing investors to build the team and product we need to accelerate our growth. LEAGUE is simplifying the employee benefits process by providing choice and convenience for the employee, and lowering cost for employers.”
Founded by serial entrepreneur and Kobo creator Michael Serbinis, LEAGUE plans to redefine how people manage their health on a daily basis by aggressively expanding its product offering and geographic reach to top markets in the U.S. This venture creates a syndicate of investors that provides the financial and strategic backing for LEAGUE to pursue the $100 billion+ market opportunity for health insurance in North America.
The financing follows the company’s successful launches in Seattle, Toronto, and Vancouver in 2015. LEAGUE fills a significant void for employers by offering Health Spending Accounts, Wellness Accounts, and Group Insurance Plans delivered through a mobile-first platform that provides an exceptional consumer experience never before seen in the industry.
“LEAGUE is revolutionizing how employers and employees interact with their benefits, leveraging technology to deliver a differentiated and affordable offering to small and medium-sized businesses across North America,” said Sid Paquette, managing director, OMERS Ventures. “OMERS has had a longstanding relationship with Michael and the team at LEAGUE since day one, and we are proud to be a part of this next phase of their incredible journey.”
Visit LEAGUE.com or download the app on your smartphone for more information.