See the 12-slide presentation that a health-insurance startup used to land $58 million after its public competitors tumbled
Digging into health insurance comes with plenty of challenges for a startup, since health insurers typically require lots of capital to function and new companies run up against massive incumbents like UnitedHealthcare and Elevance Health.
For one thing, the 29-year-old said, the company is focused on slower, more sustainable growth, which is particularly important to investors as digital-health startups"We're looking to make sure we have all of our processes, operations, and things like medical management and care navigation really locked down before we scale to hundreds of thousands or millions of members, so we don't end up in similar situations to some of these now public startup health plans," Wang said.
"It's a very different risk profile," Wang said, adding that the company had done"pretty much no direct marketing." Instead, insurance brokers and other agencies work for a fee to create contracts between Angle Health and employers. Wang said the costs associated with getting those contracts are much less than they would be if Angle Health were to market itself directly to consumers.
Angle Health provided Insider with the pitch deck it used to raise $58 million in Series A funding from Portage and other investors. The startup removed details about its financials — including projections — and membership figures before sharing the deck.Angle Health works with employers to provide health-insurance plans to workers.Its cofounders, Ty Wang and Anirban Gangopadhyay, met at the data-analytics company Palantir.
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