San Francisco-based Limelight Health, a developer of digital tools for enterprises managing employee benefits plans, has raised $33.5 million in an oversubscribed Series C round. Principal Life led the fundraising, which also included participation from AXA Venture Partners, MassMutual Ventures, Aflac Ventures, Transamerica Ventures, Wells Fargo Strategic Capital, LaunchPad Digital Health and Wanxiang America Healthcare Investments.
Additionally, the company said it will be expanding its board with the appointments of Guidewire Software’s Lerk-Ling Chang and Principal’s Kara Hoogensen.
What they do
Limelight’s cloud-based software looks to streamline quoting and underwriting for medical and ancillary carriers handling employee benefit plans. Its platform offers a number of supporting services — data analysis, proposal generation, document management, enrollment support and system integration, to name a few — with software that can be customized to the individual needs of a client.
What it’s for
According to a statement, Limelight will be using its new capital to support customer acquisition, staffing and global expansion. In addition, the company is looking to further develop its product with the addition of increased automation, workflow enhancement, an underwriter certification program and data-based risk scores.
Limelight announced its previous round in August 2017, a Series B in which it raised $7.5 million from MassMutual Ventures and others. With this week’s round, the company has now raised $44 million, according to Crunchbase.
But it isn’t the only employee benefits software company looking to grow. San Mateo-based Lumity, which counts Lyft, Greenhouse, and GoFundMe among its customers, brought in $19 million of its own roughly half a year ago.
On the record
“This round of funding gives us the capital to execute on our vision — creating a new standard for how products are created, underwritten, rated and presented to employers. As we enter our fifth year, we’re thrilled to share that our users will begin to see a number of enhancements that will bring substantial efficiencies,” CEO and cofounder Jason T. Andrew said in a statement. “The employee benefits industry has long been dominated by manual workflows, redundant processes and poor user experiences, but we’re rolling up our sleeves to help with modernizing and enhancing the infrastructure to create a much better user experience.”