League raises $62 million and aims to “transform health benefits market”
League Inc., a digital employee health benefits platform, announced July 24 that it has raised $62 million, which the company says will give it access to the scale, capital and strategic assets needed to bring its platform to employers globally.
The funding round included lead investor TELUS Ventures, Wittington Ventures, and the company’s existing investors: OMERS, Infinite Potential Group, RBC Ventures, Real Ventures and BDC Ventures.
A new approach
"Employers experiencing the war for talent, skyrocketing healthcare costs, and the mental health epidemic are rapidly recognizing that a new approach to benefits will give them a competitive advantage," said Mike Serbinis, League's founder and CEO. "Health benefits represent a tremendous opportunity to improve the lives and health outcomes for employees, but they're not currently driving the business value employers should expect from their investment. League gives them greater control over their spend while delivering an unparalleled employee experience that maximizes both health and productivity," he says.
The League platform includes a suite of apps aimed at reducing the total operating costs for companies delivering benefits programs, “while driving an experience that makes life easier for administrators and increasing engagement with employees that improve health outcomes,” says the company. Its offerings include a unified digital wallet that employers can customize for their specific needs; chat-based, always-on health navigation; behaviour-based health rewards; and a marketplace where members can access exclusive deals on health and wellness products and services.
Opening new offices
The funding will help finance the company’s growth, including the opening of new offices in San Francisco, New York and London. The company launched in the U.S. market in 2017, and is now licensed to operate in all 50 states. In 2019, the company will begin operations in the UK and EU.