Health benefits startup League secures C$62m for expansion


Health benefits startup League secures C$62m for expansion

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League, a Toronto-based digital health benefits platform, has raised C$62 million ($47.5 million) in its latest venture financing deal.

The Series B funding was led by a strategic healthcare syndicate including Telus Ventures and Whittington Investments - an investment arm of Loblaw, Shoppers Drug Mart, along with the existing group of investors, including OMERs, Infinite Potential, RBC, BDC, and Real Ventures.

Following the latest investment, the company is eyeing overseas’ expansion and broadening its services with new business models in the next few years, its CEO and founder Michael Serbinis said in a company blog.

"[Our] mission has always been about the future of healthcare, and empowering people with their health everyday," he said. "A trillion-dollar health insurance market is desperately in need of transformation. A need that is driven by rising costs and a fundamentally changing demographic base," Serbinis added.

"Today’s consumer wants something new and different. Today’s employer wants to manage costs while competing to win in the competition for talent. This is a massive opportunity for a new kind of software platform."

"For employers, it means turning their investment in health benefits into the cornerstone of their employee experience, and a strategic weapon. For us, this is a massive opportunity that we see extending beyond health benefits to all of total rewards," Serbinis said.

League was launched in 2014 by Serbinis, who was previously founder and CEO of Kobo. The League platform allows small businesses to offer customized benefits plans for their employees. The company has already expanded to all 50 states in North America and plans to grow its footprint in Europe and UK in the next few years.

"You’ll see us continue to hire in Chicago, New York, San Francisco, Toronto, and London (UK) as we grow rapidly. We’ll also be announcing some giant new customers over the next several months, as well as some exciting new partnerships," Serbinis said.

Healthcare, Investment, League, Michael Serbinis, UK