Life insurer Health IQ Insurance Services has secured $55 million in Series D funding led by Greenspring Associates, Aquiline Technology Growth, Hanwha Asset Management, as well as additional financing from existing investors such as Andreesen Horowitz.
Health IQ's mission is to reward runners, cyclists, weightlifters, well-managed diabetics, and other Americans living a healthy lifestyle with lower rates.
In a statement, Health IQ said that since pioneering the use of science and data to measure the impact of healthy lifestyles, it has experienced rapid growth.
“Consumers are responding well to our lower rates. Our company has reached $21 billion in client coverage and is adding an additional $2 billion every few weeks. Since our last funding announcement in 2017 our coverage amount has tripled. Health IQ has grown from seven billion to 21 billion in coverage,” said Health IQ's chief executive officer Munjal Shah.
“At Greenspring, we're always looking for market leaders and companies that demonstrate momentum. That's why we're investing in Health IQ, one of the nation's fastest growing new life insurance companies. We're excited to be part of Health IQ's growth going forward,” said Jim Lim of Greenspring Associates, an $8.8 billion firm that supports promising companies throughout their lifecycles.
“What drew us to Health IQ was its data advantage. This is an insurance company that is using science and data to more accurately price insurance for its clients. We believe the next generation of insurance will be this form of accurate pricing. We call this new trend 'precision insurance,'” said Max Chee of Aquiline Technology Growth, which is the early and growth stage fund managed by Aquiline Capital Partners, a New York and London-based private equity firm investing in the financial services and technology sectors.
Mr. Chee added, “As focused insurance technology investors, we see Health IQ as highly differentiated from other insurtech companies. In canvassing the market, we found Health IQ's innovation in bringing fair prices to consumers highly compelling. Aquiline is excited to support Health IQ and utilize our insurance industry expertise to help the company further innovate and expand as they continue their mission to offer unique products to health-conscious individuals.”
To date Health IQ has raised $139.5 million from investors including Charles River Ventures, First Round Capital, Greylock Partners, Menlo Ventures, Ribbit Capital, Felicis Ventures, Foundation Capital, Andreessen Horowitz, Greenspring Associates, and Aquiline Technology Growth, among others.
O'Melveny & Myers LLP represented Health IQ in the completion of the funding. The O'Melveny team advising Health IQ was led by partner Paul Sieben, associate Jessica Iwasaki, and senior paralegal Suzette Clay.
Learn more: www.healthiq.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].