Nayya, a leading insurance benefits experience and healthcare management platform, today announced that it has raised $37M 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 has already driven significant product innovation and is expecting to finish the first half of this year with 5x growth in sales and 3x growth in its customer base. 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 personalized decision support engine that helps employees select the right plans for their lifestyles during enrollment 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 even more financial recommendations and personalized 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.”
“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,” said Tilli Bannett, Managing Director at SVB Capital. “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.”
“We believe Nayya is redefining benefits decisioning for American workers,” said Caroline Xie, General Partner at ICONIQ Growth. “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 $50M. 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, utilizing HSA/FSA/retirement plans, and finding cost-effective prescription drugs and healthcare.
Nayya was founded by Sina Chehrazi and Akash Magoon in 2019. Nayya is a software and data infrastructure company transforming the way employees choose and use their benefits, driving better financial outcomes for employees and employers. The Nayya platform is powered by billions of consumer data points, millions of rows of claims data, and thousands of data integrations — helping consumers make data-driven decisions during open enrollments, new employee onboarding, and qualifying life events. The rest of the year, Nayya’s employee engagement product tracks financial spending to guide and redirect consumers to file claims programmatically, manage spending accounts, and optimize prescription locations. Nayya is headquartered in New York, NY. Visit nayya.com for more information.
About SVB Capital
SVB Capital manages more than $6 billion of assets, primarily in equity funds (including funds of funds and direct investment funds) and credit funds. Uniquely positioned to access the most sought-after opportunities in technology, life sciences and venture, SVB Capital invests in fund managers and private companies throughout the innovation economy around the world. SVB Capital is one of SVB Financial Group’s (NASDAQ: SIVB) core businesses. Learn more at svb.com/svb-capital.
About ICONIQ Growth
ICONIQ Growth partners with exceptional entrepreneurs and leaders who drive global impact and change. We are inspired by visionaries defining the future of their industries by building company cultures that endure. Our unique investment platform harnesses the power of ICONIQ Growth’s vibrant ecosystem of founders, pioneers, and business leaders with the goal of delivering tangible value and amplifying our portfolio companies’ success from early growth stage to IPO and beyond. ICONIQ Growth’s portfolio of innovators include Adyen, AirBnB, Alibaba, Alteryx, Automattic, BambooHR, Braze, Chime, Collibra, Coupa, Datadog, DocuSign, GitLab, Marqeta, Miro, Procore, Red Ventures, Relativity, ServiceTitan, Snowflake, Sprinklr, Truckstop, Uber, Wolt, and Zoom, among others. For more information and a complete list of portfolio companies, please visit ICONIQGrowth.com.