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June 16, 2022

Sana raises $60m in Series B investment to drive expansion

Austin, Texas-based business health insurance provider Sana has secured $60m in a Series B round, taking its total capital raised so far to $107m.

The fundraising wad jointly led by Trust Ventures and Gigafund, who were joined by American Family Ventures, mark vc, Breyer Capital, JAM Fund and Liquid 2.

Trust Ventures general partner Salen Churi said: “Sana delivers dramatically better care at lower prices that meets users where they’re at.

“Sana has a revolutionary all-access network so that members can keep their preferred providers as well as telehealth and access to the best health and wellness apps on the market – all at a lower cost to small businesses than legacy health insurance.”

Sana will use the infusion to grow its employee headcount as well as support its foray into new markets.

It will also enable the firm’s membership growth in new markets and facilitate the launch of new primary care health centres outside Austin.

The insurer is currently present in eight US states, having recently set foot in Virginia and Indiana.

Sana’s goal is to provide “affordable” health plans to SMBs. It claims to offer its clients up to 20% more savings than their legacy insurers.

Over the last year, its client base is said to have surged by 200%.

Sana said that is now currently available to 25% of US small businesses. Its clients are said to get 0% increase renewals.

In October last year, the firm received $20m in a Series A Extension financing round.

Gigafund managing partner Stephen Oskoui said: “Gigafund has now led four separate rounds of investment in Sana because the team continues to impress us with their phenomenal vision and execution.  

“Sana empowers small businesses to cut costs and help their employees become happier and healthier.”

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