Healthcare and insurance startup Loop has raised $25 million in a Series B round. The funding was co-led by General Catalyst and Elevation Capital (formerly Saif Partners) and included participation from Vinod Khosla & Khosla Ventures, Sierra Ventures, as well as a new investor, Optum Ventures.
“Loop’s healthcare-first mission aligns deeply with our thesis that an outcome-focused solution is needed to crack an age-old market that sells insurance as a commodity. Since we co-led the Series A, the team has demonstrated this in plenty, growing 3X in three quarters. The founders have built a stellar team across tech, product, and business that’s looking to solve the hardest challenges in insurtech and healthtech,” said Mayank Khanduja, Elevation Capital.
According to the company, they will use the fresh funds to drive sales growth, product development, and strategic hiring, in an effort to scale their new health assurance delivery model to millions of people across India.
“When we started Loop in 2018, it was to change how the healthcare system worked. We wanted it to be more preventive than reactive. We wanted to bring insurers and doctors on the same side for once, so that we create a health assurance model that is incentivized to keep people healthy. Through our journey, we’ve also been able to bring back the concept of family doctors to India,” said Mayank Kale, co-founder and CEO, Loop.
The Pune-based startup was founded in 2018 by Mayank Kale, Ryan Singh, Amrit Singh, and Shami Raj with the aim to provide group health insurance plans from prominent insurers to companies while packaging virtual care experience as the icing on the top.
Also, Loop offers their health benefits complementary to companies who buy health insurance from them.
Vinod Khosla, founder, Khosla Ventures, said,“Care delivery in India has many pain points with conflicting incentives and Loop is changing the cost equation by allowing payers and providers to work together. Through its unique product and affordable pricing, Loop has a significant competitive advantage."