(Reuters) - Collective Health, which makes software to help companies pay workers’ health costs directly, said it has raised $81 million in Series C funding, bringing its total funding to $119 million.
The latest funding round included new investor Google Ventures and returning investors NEA, Founders Fund, Maverick Capital, Redpoint Ventures and RRE Ventures.
San Mateo, California-based Collective Health said it will use the funds to expand in the United States and that it is “on a trajectory to process more than $2 billion in claims in 2017”.
The company, founded in October 2013, helps employers save money by self-insuring rather than paying premiums to a health insurance company.
Collective Health said it expects to serve 30,000 members and process more than $200 million in health insurance claims in 2016.
The company’s customers include Activision Blizzard Inc and Zendesk Inc.
Reporting by Arathy S Nair in Bengaluru; Editing by Savio D'Souza