Maxwell Health Closes $22 Million Series C For Benefits Management Platform


Boston, MA-based benefits management startup Maxwell Health announces that it has closed a $22 million Series C investment round that included participation from new investors GIS Strategic Ventures, Sun Life Financial, and Cendana Capital. Returning investors included Adams Street Partners, which led Maxwell’s Series B round in 2014, and Tribeca Venture Partners, which led the startups Series A. Cambia Health Solutions, Catalyst Health Ventures, Industry Ventures, Lerer Ventures, Schooner Capital, and Vaizra Investments also returned to participate in the latest round. In total, this brings Maxwell’s lifetime funding level to $56 million since its November 2012 launch.

Maxwell Health launched to bring an employee benefits management platform to market that simplifies the enrollment process and then engages end users throughout the year to encourage healthy lifestyle choices and explain benefits options when needed. The company sells its services to employers, charging a per-employee subscription fee, and then supports users as they shop for and enroll in insurance plans. Since launching, Maxwell has expanded its platform to support payroll and HR functions. With its new funding, the company will continue to develop its full product platform, and will start to push its HR and payroll services out to more customers.

Since taking its 2014 Series B, Maxwell has done well. Increasing its customer base by 600% and tripling the size of its team.

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