Boston, Massachusetts-based employee benefits navigator company Maxwell Health raised $22 million from GIS Strategic Ventures, Sun Life Financial, and Cendana Capital as well as existing investors Adams Street Partners, Cambia Health Solutions, Catalyst Health Ventures, Industry Ventures, and more.
This brings the company's total funding to at least $56.4 million. The company raised its last round in December 2014.
Before founding Maxwell Health, the company’s two cofounders, CEO Veer Gidwaney and Chief Product Officer Vinday Gidwaney, founded another startup called DailyFeats, which offered a behavior change app.
“What our founders realized in developing that business, however, is that in order to influence behavior change and make Americans healthier at a large scale, they needed to want to be healthier, and in order to do that, people need to pay attention,” a Maxwell Health spokesperson explained.
After making this realization, the founders decided to focus on the insurance space.
Employees use Maxwell Health's service to access their benefits information and manage their health. An employer's human resources team can also use the platform to handle paperwork, communicate with employees, and manage administrative tasks. The service is ideal for small to medium-sized organizations, up to 500 employees.
Maxwell Health's wellness platform integrates with devices like Fitbit and Jawbone to track steps. Employees can participate in competitions with one another on the platform and earn rewards. Employees are also able to access their benefits information from a smartphone app, including their ID numbers, deductibles, fitness data, and points earned.
Maxwell Health wants to have 10 million people using the platform by 2020.