Ex-Palantir engineers raise $600m to take on US health insurers
“We did not set out to build another health insurance company,” said Ty Wang, co-founder and chief executive of Angle Health. The aim, he told the Wall Street Journal, was to stop “this kind of death spiral of cost within our healthcare system.”
His company has just raised $600m at a $2.7bn valuation. Vitruvian Partners led it. The growth investor keeps its headquarters in London.
The timing is not accidental. American employers face the largest jump in health insurance costs in twenty years, and small firms carry the worst of it.
Angle Health sells health cover to American small businesses. It says it now serves more than 5,000 employers across 47 states, some with as few as two staff.
Most of the round priced below the headline
The $600m is not one cheque. Angle Health’s own announcement splits it into a $200m Series C and a $400m tender offer.
The...
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