Toronto-based HR startup, League recently announced that the company had raised a CAD 62 million (about $47.1 million) Series B in a round led by TELUS Ventures. The funding round saw participation from Wittington Ventures and returning investors OMERS, Infinite Potential Group, RBC Ventures and BDC Ventures.
League was founded in 2014 by Michael Serbinis. Serbinis was previously the founder and CEO of Kobo, the Kindle competitor which was acquired by Rakuten in 2011. Serbinis shares, "Health benefits are a top three requirement for anyone seeking a new job in the U.S. today and for millennials it’s the top one or two, depending on the survey. At the same time, healthcare is also one of the top three expenses for companies."
League allows employees to take more control over their health plans while reducing costs for companies by providing a HIPAA-compliant platform that connects all benefits. HIPAA stands for Health Insurance Portability and Accountability Act (HIPAA) which sets the standard for sensitive patient data protection.
The platform enables employees to manage their health plan and benefits with a chat-based online assistant and a digital wallet. They also gain more transparency in areas like health insurance pricing and flexible spending accounts. League also partners with other companies to offer perks like ClassPass or Headspace discounts, prescription delivery services or access fertility treatments that aren’t covered by traditional insurance plans.
According to reports, League raised $25 million in Series A two years ago. With clients like Uber, Shopify and Unilever, League is currently one of the bigger players in the employee wellness space in Toronto.