Angle Health Reaches $2.7 Billion Valuation via Series C

Angle Health has announced a $200 million Series C funding round and a $400 million tender offer, bringing the company's valuation to $2.7 billion, according to TechCrunch. The funding round was led by Vitruvian Partners, with participation from PruVen Capital, Portage Ventures, Blumberg Capital, Town Hall Ventures, and Y Combinator.

Founded in 2019 and a winter 2020 Y Combinator alum, Angle Health utilizes an AI-powered platform to help small businesses select and administer "level-funded health plans." As reported by TechCrunch, these plans serve as a middle ground between fully insured plans, where carriers assume all risk, and self-funded plans, where the company covers expenses. Level-funded plans allow businesses to make predictable payments while remaining insured against unexpected costs, offering the potential to recover a share of the surplus if expenses remain low.

The company's platform integrates with HR and payroll systems to reduce the friction of benefit management. Angle Health reports that it is currently profitable and serves more than 5,000 businesses. The company told TechCrunch that the tender offer provides employees an opportunity to cash out a portion of their shares, and the round is expected to close by the end of September.