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Why Nayya Raised $37M
by Sina & Akash June 2, 2021
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A woman stands at a pharmacy counter and anxiously waits for the pharmacist to share the cost of her prescription. A man lies at home in bed, in recovery from an unforeseen accident, worrying about his upcoming medical expenses. A young and hardworking couple are expecting their first child but are confused about which health plans and benefits they should choose during enrollment.
These types of situations are occurring every day in the United States, where hardworking Americans are confused and stressed when it comes to their health care and finances. In fact, there are almost 600,000 people per year filing for bankruptcy because of medical bills — that is too large a number for the human brain to grasp. The number of people who file for bankruptcy because of their medical bills each year is actually larger than the entire population of Atlanta, Georgia (~500,000).
Before and after co-founding Nayya, we’ve had family members that have been diagnosed with illnesses. Like anyone else, we have friends and colleagues who struggle with chronic health conditions. We believe that everyone should have a fair and equal chance in their journey back to health — but in reality, during these times we are forced to become health care and benefits experts ourselves to avoid financial duress.
At Nayya, we believe we are at an inflection point for the better. There has never been a more exciting and disruptive time in health care and insurance, and we truly believe that Nayya can help people avoid confusion and financial duress when it comes to their health. We’d love to tell you how…
Announcing our Series B
Two years into our journey, we’ve raised a $37M Series B to bring us one step closer to realizing our vision: personalizing the financial components of every American’s health-care journey.
Fresh, additional capital allows us to accelerate our growth quickly to achieve our mission of being the destination for all consumers when they are choosing and using their benefits. This reinforces the conviction of our mission: giving consumers (our North Star) financial peace on their best days and confidence on their worst.
And now, we are one step closer to disrupting an industry at a crucial point in time.
Welcoming ICONIQ Growth & SVB Capital
Our Series B is co-led by SVB Capital and ICONIQ Growth, and we’re incredibly excited to be working with such amazing and innovative partners. Their teams believe in Nayya’s mission and know the requirements for building category-defining companies that provide immense value to customers.
This new round of funding also includes participation from investors including Felicis Ventures, Bow Capital, Social Leverage, and SemperVirens. Returning insurance investors include Guardian Strategic Ventures and Unum Business Ventures, alongside the publicly-traded health and benefits insurer, CNO Financial Group.
We deeply thank all our investors and all those who have helped improve Nayya’s business these past two years.
To Victoria Treyger, who’s taught us that in an increasingly fast-paced and noisy world, a new age go-to-market strategy requires the most dynamic and daring of approaches.
To Tilli Bannett, who has shown us how to take an ever more data-driven approach in scaling Nayya’s capabilities — with the most pro-founder of mentalities.
To Caroline Xie, who’s defined to us the depth of what one of the world’s broadest venture platforms can bring, while giving us a glimpse into the halls of our generation’s most iconic companies — with a roadmap to getting there.
Building our partner network and expanding our footprint
Nayya’s platform is built to flexibly – “stand alone” or embed within existing systems. New partnerships and broker alliances are key to expanding our business. Our main goal is to get our software, data, and AI-powered insights into the hands of every consumer as they choose and use their benefits.
The last year has been a year of amazing growth at Nayya. We’ve leveraged our Series A round to tell the Nayya story and expand our network. This year alone we’ve launched many new partnerships to get Nayya in the hands of consumers. Today, Nayya is integrated within ADP Workforce Now and Selerix. In the coming days, we’ll be launching our new partnerships alongside Workday and Ease.
We’re also very happy and excited to continue our partnership with the most innovative leaders who are redesigning the look of the modern insurer, who tout our shared belief in driving innovation on behalf of consumers everywhere.
In addition, we’ve formed alliances with seven of the top 15 largest national benefits firms in the nation, including Acrisure, NFP, and other leading firms.
Within the next two years, Nayya will partner with:
- 12 of the 15 largest national benefits firms
- 12 of the 15 most consumer-friendly carriers
- 12 of the 15 most innovative HR platforms
- And thousands of leading employer groups, touching millions of consumers!
This growth round will accelerate the split between those entities that are actually committed to consumers versus the providers that are simply investing in marketing.
Meeting consumer and market demand
Nayya is a data science and AI-driven software company that brings personalization and data-driven insights to the benefits experience.
A lot has changed since the company was founded two years ago, but the same challenges still exist for consumers when it comes to their health and benefits. One in three American workers don’t understand the benefits they have chosen during enrollment, and even worse, more than half (58%) of employees would not be able to cover unexpected out-of-pocket medical costs of $1,000 or more.
That’s what makes Nayya truly unique — our products are designed not only to educate and empower consumers about their benefits, but also to provide transparency to protect them from financial duress.
We’re the only platform in the space that offers a complete benefits-experience platform, providing our customers with personalized decision support and yearlong benefits guidance for their employees.
Our products and services personalize the benefits experience for consumers — taking into account their lifestyle, unique needs, attributes, financial profile, and more to offer benefit recommendations that make sense for the individual.
Insurance companies, human-resources teams, and benefits firms have historically made decisions from a book of ten million planholders, ten thousand employees, or a thousand customers. At Nayya, we’re utilizing data on 300+ million consumers, spanning financial, health, behavioral, and other types of information to make a big-box, actuarial world much more actual and specific.
Nayya helps consumers save money, not only during enrollment but throughout the entire year. We guide consumers in taking advantage of their benefits in a way that helps put dollars back into the household, through automated claims assistance that uncovers cost-savings opportunities, prescription savings alerts, and wellness reminders.
In today’s reality, we need to change how employers support their employees when it comes to benefits. Helping us meet this new demand, our Series B funding allows Nayya to innovate faster and provide much-needed relief at a higher scale.
A team of passionate and talented professionals
The pace of innovation will continue to accelerate, and we will make sure to stay on track through product investment and talent recruitment.
As we’re writing this post, there are over 35 employees (Nayyans) at Nayya. We started this year at just over 20 and plan to have 100 Nayyans on our team in the coming months. In a fast-paced venture environment, recruiting the right people has never been more important.
Yet while the company has grown rapidly, Nayya’s mission and values have remained remarkably consistent… and we are hiring!
Come join us (and others soon) if you care about the following:
Putting the consumer first - We work fiercely to serve the consumer, our North Star. Growing through open feedback - At Nayya, we communicate candidly, respectfully, and often — we are purposeful in giving feedback. Facing challenges with moxie - We have the courage to dive into challenges that others shy away from.
What lies ahead for Nayya
As innovation and data keep propelling technology forward, Nayya will make the transition from a growth-stage company to a pioneer and leader in benefits. Our core values and North Star will continue to anchor our efforts in personalizing benefits for everyone.
As we’ve noted above, our mission and vision are really all about establishing consumer confidence in their health plans and benefits.
We’re working toward the day when you don’t have to be a benefits expert to understand your choices if you or a family member have to face health challenges. A day when there’s no confusion or stress related to knowing what your benefits are and how they will help you through a difficult situation.
We’re building a benefits infrastructure in which health care is seamless, simple, and personalized to the individual. We’re building a new reality, where we all feel prepared to face health challenges without the confusion around insurance.
We’re excited to use our Series B to keep fueling the fires of innovation at Nayya. To our partners, our customers, and friends of Nayyans everywhere, we share the two most important words in our vocabulary: thank you.
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