Limelight Health raises $33.5 million in Series C funding

Jason Andrew, CEO and co-founder of Limelight Health. (Photo courtesy of Limelight Health).

Limelight Health announced today that it has raised $33.5 million in series C funding.

The round was led by Principal, with participation from AXA Venture Partners, MassMutual Ventures, Aflac Ventures, Transamerica Ventures, Wells Fargo Strategic Capital, LaunchPad Digital Health and Wanxiang America Healthcare Investments.

Limelight Health delivers a technology platform and solution for health insurance and employee benefits professionals. Its platform connects and integrates data with other beneficial technologies like payroll, CRM, benefits administration, and compliance tools.

The insurtech software company, based in San Francisco, expanded its operations to Des Moines in July of 2018.

“I love the ecosystem in Des Moines, notwithstanding the fact there are about 80 insurance companies in the area,” said Jason Andrew, CEO and co-founder of LimeLight Health. “There’s a real collaboration between industry, government and business there that you don’t find in too many places. We think it’s a great location for our company to really grow our presence.”

Over the last year and a half, Limelight Health’s recurring revenues per month grew 750 percent. During that same time period, the company has more than doubled the headcount of its team from 45 to 110 employees.

Limelight Health will use the funds for product development, customer acquisition, and continuing to expand its team, Andrew told Clay & Milk.

“At Principal, we are committed to helping advance innovations that are laser-focused on solving real challenges for advisors, small and medium-size businesses and their employees,” said Kara Hoogensen Vice President of Group Benefits, U.S. Insurance Solutions at Principal, in the announcement. “We are proud to be a leader in the insurance industry in offering Limelight Health’s impressive cloud-based enterprise software that will modernize the quote-to-enroll process while breaking down key barriers hindering sixty percent of SMBs from providing ancillary benefits.”

Previous coverage

Scouting Report: Limelight Health coming to Des Moines -July 23, 2018