Accolade Secures $70 Million in Series E Funding
Health concierge Accolade raised $70 million in investment funding. The start-up company will use the funding to expand its outreach efforts, which include: marketing, sales, research, and further developing its technological platform.
Private American venture capital firm Andreessen Horowitz led the fundraising efforts, with significant contributions from Madrona Venture Group. Jeff Jordan, Andreessen Horowitz General Partner, is now serving on Accolade’s board of directors.
“Accolade is simply the best tool we’ve seen to help companies simultaneously improve both the quality and the cost of health care,” Jordan stated. “It’s delivering magical results — the service makes employees healthier and happier with their benefits, while at the same time driving big savings to employers and insurance companies.”
Jordan is working closely alongside Rajeev Singh, Accolade’s CEO. The duo is continually brainstorming innovative ways to help people navigate the health care system.
Thus far, Accolade has found enormous success with their personalized support services. The company provides personal Health Assistants who serve as a single point-of-contact for all healthcare related needs and questions.
Matt McIlwain, Managing Partner of Madrona Venture Group, stated, “The company has the ability to blend cutting edge technology with a human touch to improve how tens of thousands of employees and health plan subscribers receive their health care.”
An important distinction is that the system is designed to work alongside healthcare providers, not replace them. For example, if an employee has Aetna medical insurance, Accolade would assist with anything from finding an in-network doctor to refilling prescriptions.
The Series E funding campaign was launched back in July 2015. A few months into their campaign, Accolade had already received $22.5 million from a subdivision of Independence Health Group and McKesson Ventures.
Due to its expansion efforts, Accolade is currently growing at an exponential rate, with nearly 40 open positions available within the company.