June 17, 2019 / 12:06 PM / 3 months ago

Collective Health secures $205 million in funding led by SoftBank Vision Fund

(Reuters) - Collective Health, which makes software for companies to pay workers’ health costs directly, said on Monday it had raised $205 million in new funding led by SoftBank Group Corp’s Vision Fund.

The San Francisco, California-based company said it would use the funding to drive adoption of its enterprise healthcare platform among employers across the United States.

The company’s clients include Pinterest Inc, Red Bull, Restoration Hardware and Zendesk, among others.

“The company has continued to scale its business across U.S. employers, and we are excited to help them drive further innovation and adoption in the approximately $1.2 trillion employer health insurance industry,” said Deep Nishar, senior managing partner at SoftBank Investment Advisers.

Among other investors in the latest funding round were DFJ Growth, PSP Investments, and G Squared, as well as returning investors Founders Fund, Alphabet Inc’s GV and Maverick Ventures.

The total amount raised by Collective Health has now reached $435 million, the company said.

Reporting by Manas Mishra in Bengaluru; Editing by Shinjini Ganguli

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