Nayya, a US-based employee benefits navigation platform, has raised $37m in a Series B funding round to build new features.
Funding round was co-led by SVB Capital and ICONIQ Growth, with participation from investors including Bow Capital, Felicis Ventures, Social Leverage and SemperVirens.
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It also saw participation from Guardian Strategic Ventures, Unum Business Ventures, and health insurer CNO Financial Group.
Nayya said it will use the money to expand its team size and add new features to its core offerings.
Nayya co-founder and CEO, Sina Chehrazi said: “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.”
The latest funding round brings Nayya’s total funding till date to just under $50m.
SVB Capital managing director, Tilli Bannett said: “The idea of a personalised 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.”
ICONIQ Growth General Partner, Caroline Xie: “We believe Nayya is redefining benefits decisioning for American workers.”
In March this year, Guardian Life collaborated with Nayya to offer personalised, online data-driven benefits experience to employers and employees during the open enrolment process.
The partnership involves the integration of Nayya’s decision-making tool into the Guardian Life enrolment experience.
