Toronto Based Corporate Health Startup, League Raises 47.1M$ Series B

League is an online forum that seeks to lessen the strain of overseeing medical advantages for organizations and workers. The Toronto-based startup has a premier clientele list like Uber, Shopify, and Unilever and has a lot of reputation in the wellness space for workers or employees. It incorporates a lot of startups who work for enhancing health benefits by way of improving productivity rates. The development in the sector is mainly due to –awareness, increasing expenses of health services and neck to neck competition. This platform, formed in 2014, is by Michael Serbinis (who earlier founded and was the CEO of Kobo, a Kindle competitor which was taken over by Rakuten. Serbinis says he got into the industry as a naïve person and learned most of it from scratch. He opines that healthcare is expensive more because the system is flawed. On talking about the importance of health care benefits, he places it among the top three criteria for any prospective U.S employee. Also, it is one of the most important expenses for companies forms the HR point of view.

This company has raised a $62 million CAD (about $47.1 million USD) Series B. The round was driven by TELUS Ventures, with support from Wittington Ventures, Infinite Potential Group and returning financial specialists OMERS. Other supporters include RBC Ventures and BDC Ventures. The firm’s last round of subsidizing was a $25 million Series A which was almost two years ago.

There are many startups like Spring health, Lyra Health, and Lumity which deal with corporate healthcare. What sets League apart is that it gives a wide ranged solution that offers a solution for talent and is priced in a way that encourages savings.

The Aim of the Startup is to

• Allow employees greater control over their health plans.
• Reduce costs for companies by easing out all complexities
• Offer benefits through a HIPAA-compliant platform
• Allow employees to gain more transparency as to where their insurance money is going
• Provide health benefits to companies with less than 50 employees
• Adhere to the ruling by the department of Labor on association health plans

League also has an online assistant enabled for chats and queries, one even has a digital wallet and there is more accountability for the money you spend on health. They also have partnered with multiple companies to offer perquisites like headspace discounts, ClassPass, prescription delivery services that are typically not part of insurance plans. They also help improve company morale through connecting the analytics of customers wants with what the company provides. They have a higher engagement rate and many access it frequently thus there is a loyalty associated with it. The venture capitalists, TELUS ventures Director Rich Osborn opined that league was an innovative company that delivered customer centric formulas for healthcare that helped strengthen overall engagement. The company is planning an expansion through Series B in San Francisco, New York, London and the European Union.

League wants to focus on giving its customers a data driven digital experience that interacts with them on a daily basis instead of waiting for them to fall sick. It provides real time reporting to human resource managers and gives health awards to its users.