New equity and a secondary sale make up the round. Angle Health raised $200 million in Series C stock and arranged a $400 million tender offer, a combination that values the San Francisco insurer at $2.7 billion.
Vitruvian Partners led the financing, joined by new investor Town Hall Ventures and existing backers. Angle Health describes itself as the first AI-native healthcare benefits platform, selling coverage to employers with as few as two workers.
The pitch lands as employers absorb their steepest health insurance cost increases in two decades. Small and midsize businesses have few affordable options and little control over pricing.
The company now covers over 5,000 employers. Their plans represent close to $1 billion in annualized premium-equivalents, and revenue grew 120% year over year. Four consecutive quarters have also closed in profit on both an EBITDA and GAAP basis.
Angle Health has likewise launched care delivery programs with partners, covering high-cost medications, infusions, outpatient surgery and radiology. Chief executive Ty Wang said the financing lets the company reach more of the tens of millions of Americans who work for small businesses.
