Maxwell Health Secures $6 Million in Series A1 Financing

Maxwell Health, a web- and mobile-based platform focusing on simplifying employee benefits management, announced that it has secured a $6 million series A1 financing.

According to a release, the company will use the funding to meet the growing demand for its service from companies and benefits advisors across the country.

The funding round was led by Vaizra Investments, with participation from new investor Catalyst Health Ventures, previous investors Tribeca Venture Partners, Serious Change, Lerer Ventures, BoxGroup, and angel investors with industry expertise. In August, the company announced $2 million in funding, bringing its total series A round to $8 million.

Available nationwide, Maxwell is a user-friendly SaaS platform for creating and managing employee health plans, benefits and payroll. It enables the simple management of an array of HR functions, from onboarding to retirement planning. Maxwell also lowers health care costs by giving organizations and employees greater control over their health spending, and by using incentives to promote health.

"Maxwell is the first-ever operating system for managing employee benefits," said Veer Gidwaney, CEO and co-founder of Maxwell Health. "We see the platform as fundamental to the infrastructure of any company, just like turning on email, and other core apps and services."

Businesses and their benefits advisors use Maxwell to set up, optimize and manage private health and benefits exchanges. The service enables companies with existing health and benefits plans to seamlessly sync them onto Maxwell's platform. Maxwell's easy-to-use portal lets companies and employees manage their full range of benefits, including medical, dental, vision, life, disability, COBRA administration, HRA/HSA, FSA and 401(k). A real-time dashboard offers benefits administrators and advisors the ability to track engagement and company spending.

Maxwell's concierge service acts as an informed, unbiased advocate available to recommend physicians, fix billing errors, schedule appointments, compare prescription prices and more. A mobile app makes it convenient for employees to access the concierge service and manage all their benefits.

More information:

www.maxwellhealth.com

((Comments on this story may be sent to [email protected]))