Angle Health raised $600 million in new funding, split between a $200 million Series C round and a $400 million tender offer, at a $2.7 billion valuation, the company said in a press release. Vitruvian Partners led the round, joined by new investor Town Hall Ventures and existing backers Blumberg Capital, Portage Ventures, PruVen Capital and Y Combinator.
The valuation roughly doubles Angle Health's mark from a $134 million Series B in December, according to FierceHealthcare. The company sells level-funded health plans, which sit between fully insured coverage and a company self-funding its own claims, to small businesses in 47 states, and integrates the product with payroll and HR systems, TechCrunch reported.
Angle Health said it now serves more than 5,000 employers, generates nearly $1 billion in annualized premium-equivalents and grew 120% year over year. "Access to great healthcare shouldn't depend on the size of the company you work for," said Ty Wang, the company's CEO and co-founder, in the press release.
A health insurance startup landing a $600 million round in a niche most AI headlines ignore is a reminder that real, growing revenue in an unglamorous market still gets funded at scale, no frontier model required.