On Friday, health navigation platform Rightway Healthcare announced a $20 million Series B funding round led by Thrive Capital.
This news comes less than a year after the New York-based startup scored $8 million in its Series A round to expand its sales team and grow its products in new markets. Since the winter raise, the company has hired 50 new staffers and opened a new office.
As part of the latest news Rightway Healthcare announced that Thrive Capital’s Kareem Zaki will be joining the company’s board of directors.
WHAT THEY DO
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The two-year-old company’s product is a smartphone and web service that helps employees understand and utilize the health benefits available to them. Users are able to see both costs and care options available in their plan. The service includes real staff that can help users understand their benefits.
WHAT IT’S FOR
The new cash will be put towards expanding the platform and developing new products.
“With the additional capital raised, we will be able to continue to scale our core platform and also begin the work needed to enter into new markets, such as prescription drugs and pharmacy benefits,” Jordan Feldman, Rightway’s CEO, said in a statement. “Our mission is to help our members save time, money and reach the best possible outcomes throughout their healthcare experience, and we look forward to offering our services to more clients across the country.”
Rightway has competition in the health navigation space. One of these, Eden, raised $10 million in a Series A funding earlier this year. Eden has branched out to include physical locations and include a hybrid service focused on primary care.
ON THE RECORD
“Rightway is modernizing the fragmented healthcare ecosystem by combining its innovative technology with devoted healthcare professionals to provide a high quality, cost efficient navigation platform for employers and their employees,” Zaki said in a statement. “There is significant demand for an improved healthcare navigation solution. We’re particularly excited to help Rightway enter into pharmacy benefits, an area perfectly suited for their model. We look forward to working closely with Jordan and his team as they continue to improve patient outcomes and lower healthcare costs for employers.”