Today I wanted to highlight one of our fastest growing portfolio companies at Social Leverage.
Our portfolio company Nayya – which raised a series A round back in January – has now raised a $37 million series B.
Nayya’s vision is to build a world where healthcare is personalized, transparent, and connected, and where consumers are enabled to live their healthiest, most financially secure lives.
Why and how did they raise $37 million so quickly…in their own words:
A woman stands at the a pharmacy counter and anxiously waits for the pharmacist to share the cost of a prescription. A man lays at home in bed, in recovery from an unforeseen event, worrying about upcoming medical expenses. A young and hard working couple is expecting a baby, but are confused about which health plans and benefits are best for their new family.
These situations are occurring thousands of times a day in the United States, where almost 600,000 people per year are filing for bankruptcy because of medical bills. 600,000 is too large of a number for the human brain to make tangible. That’s even larger than the entire population of the city of Atlanta, Georgia. (488,800). Almost 600,000 people are completing over 23 different forms that total 70 pages due to medical bankruptcy. This number excludes bankruptcies for which medical bills were only partially a cause.
Before and after co-founding Nayya, we’ve had family members that have been diagnosed with illnesses. Like anyone else, we have friends who struggle with health conditions. The unfettered irony of it all is just that in the moments when you are least inclined to deal with the administrative burden of the health system, it is exactly when you have to figure it out; whether during a 2-week open enrollment deadline or following an unforeseen event.
At Nayya, we believe we are at an inflection point for the better. As the world turns, there has never been a more exciting and disruptive time in insurance and healthcare. We truly believe the number of confused consumers can and will decrease in the next few years, and we’d love to tell you how.
We are really excited about this company and product.