Health benefits navigation platform Amino Health just gave our lackluster Q2 funding totals a nice eight-figure lift after landing $80M in an even mix of equity and debt financing.
Amino got its start as a direct-to-consumer healthcare guidance product before recently evolving into an enterprise subscription model serving health plan members, third-party administrators, and benefits administrators.
- Amino’s platform offers customizable tools to guide its users toward efficient care, using over 200 clinical quality measures to assess the quality and necessity of various treatments for everything from migraines to surgery.
- The company says its D2C roots “battle tested” the platform’s user experience, and it now supports over 1.6M members with 97% customer retention – usage that’s generated 26 billion claims to date.
Within the last quarter, Amino added over 500k providers by including groups like nurse practitioners and physician assistants, and the new funding will accelerate further marketing and product development efforts.
- As the benefits market expands and grapples with new regulatory requirements and an explosion of data – particularly from the federal Transparency in Coverage Rule – startups providing navigation tools have had some positive tailwinds.
- The funding environment for these companies has held up better than the broader sector, with recent rounds including HealthJoy’s $60M Series D and Transcarent’s $200M Series C.
Amino’s transition away from D2C gives the company a more capital-efficient model that allows its product to get sponsored by either the employers that are purchasing the benefits directly or the partners who are helping people find them. The large funding round gives Amino credit for the pivot, as well as $80M to help it execute on the new strategy.