Limelight Health, a developer of quoting, underwriting for employee benefits, has closed its Series C round on $33.5m.
The capital injection was led by Principal Life, with participation also coming from AXA Venture Partners, MassMutual Ventures, Aflac Ventures, Transamerica Ventures, Wells Fargo Strategic Capital, LaunchPadDigital Health, and Wanxiang America Healthcare Investments.
Limelight Health is an employee benefits platform which helps medical and ancillary carriers to improve how they quote, underwrite and serve employer groups. Its technology solutions offered include quoting, rating, proposal generation, renewals, automated processing for pre-sales, underwriting, and enrolment support, renewals, data analysis, and reporting, among others.
The platform can help insurance carriers, general agents, national agencies and single office agencies to offer real-time quoting and automate their workflow processes.
With this wave of funding, Limelight Health will look to boost product development, increase customer acquisition, bolster hiring efforts and further global expansion efforts.
The company is looking to enhance its product features to offer more automation, better workflows, an underwriter certification tool and risk-based scores on data sets in order to improve underwriting.
Limelight Health CEO and co-founder Jason Andrew said, “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.”
Over the past 16 months, Limelight Health has witnessed strong growth culminating in an increase to its recurring revenues per month by 750 percent. In this timeframe, the company also more than doubled its team from 45 to 110 employees.
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