Nayya Raises $37 million in Series B Growth Capital
Nayya, an insurance benefits experience and healthcare management platform, today has raised $37 million in Series B financing, co-led by SVB Capital and ICONIQ Growth, with participation from investors including: Bow Capital, Felicis Ventures, Social Leverage and SemperVirens.
Returning insurance company investors include Guardian Strategic Ventures and Unum Business Ventures, alongside health insurer CNO Financial Group.
Nayya, which was co-founded in 2019 by Sina Chehrazi and Akash Magoon, will use the funding to grow the size of its team and invest in new features for its core offerings. The company’s products include Choose, a personalised decision support engine that helps employees select the right plans for their lifestyles during enrolment and the newly-launched Use product, an AI-driven, automated healthcare claims assistance and benefits engagement solution designed to help employees save money.
Specifically, Nayya will introduce its newly enhanced user experience, with more financial recommendations and personalised benefits risk scoring. The new experience will estimate annual healthcare spend for each employee, so they can make data-driven decisions as they select their health plans and benefits.
In addition, Nayya’s commitment to innovation will continue to drive the expansion of its benefit engagement product, Use. With two-thirds of American adults worried about paying unexpected medical bills, the market demand for Use has led to its successful launch with leading national employers, as well as through national alliances with seven of the fifteen largest benefits brokerage firms in the United States. The product includes an automated platform that proactively uncovers cost-savings opportunities – with zero effort required by consumers.
“We are committed to improving the healthcare experience for employees. Employee financial wellness is more important than ever, with employee health being the largest driver. This new capital will accelerate the growth of Nayya’s ‘system of influence,’ within ‘systems of record’ across the United States. Once employees can fully understand their benefits and become confident consumers of healthcare, we can build a much stronger, much more efficient market,” said Sina Chehrazi, co-founder and CEO at Nayya. “We are very excited to welcome SVB Capital and ICONIQ Growth, firms with deep data and software experience, as we continue to expand our footprint and growth strategy.”
Tilli Bannett, managing director at SVB Capital, added: “The idea of a personalized benefits experience, coupled with data science and AI technology that can tie all your benefits decisions together, has really never existed before. Nayya has reinvented the entire benefits experience, creating a brand new medium that empowers consumers, while helping them save money and avoid unexpected medical costs.”
Caroline Xie, general partner at ICONIQ Growth, said: “We believe Nayya is redefining benefits decisioning for American workers,” says. “Nayya’s data science and AI-powered products greatly improve the benefits experience, enabling employers to better serve their employees while also empowering employees to make informed decisions on their benefits which can drive immense value to their lives.”
This latest raise brings Nayya’s total funding to just under $50 million. Nayya is changing the benefits experience for customers by linking billions of different external data points to offer curated, confidential guidance on topics such as selecting voluntary benefits, comparing different health insurance options, utilising HSA/FSA/retirement plans, and finding cost-effective prescription drugs and healthcare.
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