Insurance startup Loop Health has raised $12 million (about Rs 90 crore) in a Series A funding led by General Catalyst and Elevation Capital.
The funding round saw Vinod Khosla (investing through Khosla Ventures), US-based Tribe Capital and existing investors Sierra Ventures, a US-based venture capital firm, and YC Continuity Fund which backs Y Combinator alumni companies.
The funding also featured angel investors including Amit Kumar Agarwal (founder and CEO of NoBroker), Ramakant Sharma (founder and operations chief of Livspace), and Vidit Aatrey and Sanjeev Barnwal (co-founders of Meesho).
Other angels were Eren Bali (co-founder and CEO of Carbon Health and co-founder of Udemy), Zach Sims (co-founder and CEO of Codeacademy), and Kate Ryder (founder and CEO of Maven Clinic).
Established in 2018 by Mayank Kale, Ryan Singh, Amrit Singh and Shami Raj, Loop Health provides insurers’ group health plans to companies, ranging from startups to big corporations, bundled with a virtual primary care experience through an in-house medical team and a network of other service providers.
“We aspire to radically disrupt the medical insurance industry by bridging the gap between health insurance and health care and transforming it into a more empathic, accessible, and preventive system,” Kale said.
In December last year, the Pune-based broker had raised $2.3 million in its seed round led by Sierra Ventures. The round had seen participation from Y Combinator, Soma Capital and other angel investors.
Before starting Loop Health, Kale built digital health records for half a million patients across India.