Hixme Secures $14.1 Million Series B Funding, Led by Propel Venture Partners, BBVA's Outside Venture Fund
Leading technology company leaps forward to make worker-owned health benefits a reality
AGOURA HILLS, CA--(Marketwired - Oct 25, 2016) - Hixme, the disruptive technology leader in the new era of worker-owned benefits, today announced the closing of its latest round of funding, led by Propel Venture Partners, BBVA's outside venture fund. Also participating in the round are leaders of the previous round Kleiner, Perkins, Caufield and Byers (KPCB), joined by Transamerica Ventures and Rosemark Capital.
The $14.1 million secured in the Series B funding round brings Hixme's total funding to $26.6 million. The funding will help promote the pioneering "Hixme Bundle" product and its unique "Workplace Market" platform, detailed below. The proceeds will also help increase Hixme's sales and geographic presence, expanding their capabilities to serve employers in all 50 states. Thomas Whiteaker of Propel Venture Partners and Chris Kuenne of Rosemark Capital will be joining the Hixme board.
"These very diverse investment firms have rallied with Hixme at the center of the fusion of healthcare, financial services and technology," says Hixme CEO Denny Weinberg. "Our core mission is to help individuals and organizations more creatively manage the financial risks associated with healthcare by redefining 'coverage' to be more than just health insurance." Hixme's unique combination of products and technology allows employers to offer their workers personal ownership and choice, while continuing to subsidize the cost of their workers' medical coverage.
"We are thrilled to be joining Hixme in their journey to rethink and rebuild how employers provide benefits to their workers," says Thomas Whiteaker, General Partner of Propel Venture Partners. "Starting with healthcare coverage, Hixme's innovative model gives employers a more creative and flexible packaged solution that includes health and financial coverage tools. This approach gives each worker and their family members what they want and need, while also containing the rapidly rising costs they and their employer face with their traditional health employer-sponsored insurance programs."
"Joining the Hixme board and bringing our expertise in enterprise selling and personalization to Denny Weinberg and his team is exciting," says Chris Kuenne, Managing Director of Rosemark Capital. "We look forward to partnering with Hixme as they transform both the cost and the benefit of health insurance for middle market companies."
Weinberg explains what makes Hixme unique: "The Hixme Bundle product integrates medical insurance with gap insurances and monetary features such as bill settlement and gap financing that give workers and their families a buffer from the risk of unpredictable health care occurrences," he says. "Hixme's Workplace Market platform synthesizes powerful technology and predictive algorithms that enable each worker and family member to choose tailored coverage that they then own -- a radical change from the traditional, limited group health plan structure."
To bring these unique features to market in a synthesized manner, Hixme is partnering with Transamerica, Silicon Valley Bank, Kashable and PayMD to create a fully integrated bundle solution.
Transamerica will help Hixme deliver a flexible array of supplemental insurance components.
Silicon Valley Bank provides Hixme an innovative payment platform for HixPay.
Kashable provides Hixme with an affordable digital lending platform that delivers a financial solution to employee out-of-pocket expenses.
PayMD's patented technology platform enables Hixme-supported workers to benefit from a unique online negotiated settlement of out-of-pocket healthcare balances.
Hixme is leading a new revolution to replace an obsolete group insurance model using innovative technology to usher in a new era of worker-owned health benefits for large organizations. Hixme creates quality benefit programs that enrich the lives of workers and their families by 'bringing back the benefit' lost in the costly and complex traditional employer-by-employer based model. Hixme's technology and intuitive platform gives workers and their families the freedom to choose and personally own benefits they uniquely value. Hixme's large company clients leave the expensive annual benefits treadmill behind, reduce administrative complexity and costs, and focus on what matters most; building value in their own products and services.
For more information about Hixme, visit www.hixme.com. To see more from the company, check out their social channels on Facebook, Twitter and LinkedIn.
About the investors: Hixme has attracted a visionary group of investors who believe empowering individual choice in the health care arena with advanced technology and innovative financial solutions is the next revolution that will disrupt the status quo of health care delivery.
Propel Venture Partners is an independent venture capital firm backed by visionary global bank, BBVA. Based in San Francisco, Propel is focused on opportunities at the intersection of technology and finance. The Propel team believes that the future of financial services will be realized by rethinking and rebuilding as well as disruption, and will partner with energetic technology-driven teams that are challenging incumbents in financial services. Propel is partnering for the long-term, driving ideas forward. Info: http://www.propel.vc
Rosemark Capital is a growth equity firm, founded by entrepreneurs for entrepreneurs, based in Princeton, NJ. Rosemark leverages its operational acumen and marketing expertise, as the basis for the firm's hands-on investment approach. The Rosemark team focuses on growth stage companies with a proven product, validated by enterprise customers in a B2B2C operating model. The firm's first set of investments has been in the HealthTech sector in which consumer acquisition and engagement are key drivers of enterprise value.
With 30+ years of experience, the Rosemark leadership team has built hundreds of consumer-centric digital solutions across healthcare and financial services. As consumer engagement is increasingly becoming the key lever to drive growth, Rosemark actively engages with its portfolio companies to build enhanced approaches to consumer engagement in order to maximize long-term enterprise value. Info: http://www.rosemark.com
Transamerica Ventures is the global venture arm of leading life insurance and asset management companies Transamerica and Aegon. Launched in early 2014 to help Transamerica and Aegon leverage innovation through a dedicated investment fund, Transamerica Ventures invests in startups developing technologies in the insurtech, FinTech and enterprise software sectors and has offices in New York City and in The Hague, Netherlands. Info: http://www.transamericaventures.com.
Kleiner Perkins Caufield & Byers (KPCB) partners with the brightest entrepreneurs to turn disruptive ideas into world-changing businesses. The firm has helped build and accelerate growth at pioneering companies like Genentech, Amazon, Google, Nest, Uber and Spotify. KPCB offers entrepreneurs years of operating experience, puts them at the center of an influential network, and accelerates their companies from success to significance. Info: http://www.kpcb.com