Healthcare and insurance startup Loop has secured $25 million in a round of funding. General Catalyst and Elevation Capital led the round.
Loop has secured $25 million in a Series B round of funding. General Catalyst and Elevation Capital (formerly Saif Partners) jointly led the healthcare and insurance startup’s funding round.
Vinod Khosla & Khosla Ventures, Sierra Ventures, as well as a new investor, Optum Ventures participated in the round.
The new funds will be used to fuel sales growth, product development, and strategic recruiting, according to Loop, in an effort to spread their innovative health assurance delivery model to millions of individuals across India.
Mayank Kale, Ryan Singh, Amrit Singh, and Shami Raj created the Pune-based firm in 2018 with the goal of providing group health insurance policies from significant insurers to businesses, with virtual care experience as the frosting on the cake.
Loop co-founder and CEO Mayank Kale, said, “When we launched Loop in 2018, our goal was to transform the way the healthcare system works. We wanted it to be proactive rather than reactive. We wanted to bring insurers and doctors together for the first time so that we might develop a health-care paradigm that is incentivized to keep people healthy.
Through our journey, we’ve also been able to reintroduce the concept of family doctors to India.”
In addition, Loop provides supplemental health benefits to businesses that purchase health insurance from them.
Vinod Khosla, founder of Khosla Ventures, added, “Care delivery in India has several pain spots with competing motivations. Loop is changing the cost equation by allowing payers and providers to work together. Loop has a considerable competitive edge because to its unique product and low cost.”
Elevation Capital’s Mayank Khanduja, said, “Loop’s healthcare-first purpose is completely consistent with our theory that an outcome-focused solution is required to break into an age-old sector that offers insurance like a commodity. Since we co-led the Series A, the team has shown this time and time again, growing 3X in three quarters. The founders have established a stellar team across tech, product, and business that is trying to address the most difficult challenges in insurtech and healthtech.”