Softbank Vision Fund invests $205mn in Collective Health
San Francisco-based healthcare technology company Collective Health announced on Monday that it has acquired US$205mn in its latest funding round, led by Japan’s Softbank Vision Fund.
Collective Health announced in a statement that it plans to use the money to continue improving its platform, which currently serves over 200,000 people across over 45 enterprise clients - including Driscoll’s, Pinterest, Red Bull, Restoration Hardware, Zendesk and more - across multiple industry verticals.
With siloing and overreliance on legacy systems a common thread throughout the US healthcare industry, Collective Health is working to reinvent health plans, both for employers and the populations they cover under one, unified software platform. The company has four patents pending across its product suite.
The new funding will support Collective Health’s expansion of its product and engineering team to accelerate development in core areas, including: Reducing administrative burden and waste, guiding members to treatments that meet their health needs while helping to reduce costs, and delivering insights to employers that point the way to improved population health.
“With U.S. healthcare costs at $3.65trn in 2018, Collective Health is reinventing the healthcare experience for companies and their employees. Their innovative business model and technology platform are not only helping employers understand and optimize their healthcare spend, they are also providing employees with a better healthcare experience,” said Deep Nishar, Senior Managing Partner at SoftBank Investment Advisers. "The company has continued to scale its business across U.S. employers, and we are excited to help them drive further innovation and adoption in the approximately $1.2 trillion employer health insurance industry.”
In addition to Softbank, new investors PSP Investments, DFJ Growth and G Squared made contributions, alongside existing Collective Health investors including Founders Fund, GV, Maverick Ventures, Mubadala Ventures, NEA, Sun Life, and other leading investors.
“We’re appreciative of our investors, both new and returning, in their commitment to supporting our mission to fix the deepest rooted problems in healthcare today,” said Ali Diab, Co-founder and CEO of Collective Health. “We’re excited to have the SoftBank Vision Fund lead the round given their proven track record of supporting category-defining companies, and they share our vision for a better healthcare experience. Whether working with more networks or helping facilitate direct relationships between employers and provider systems, we will continue to set the standard for the industry with a focus on the customer, providing the healthcare experience we all deserve.”
G7 Summit guide: What it is and what leaders hope to achieve
Unless you’ve had your head buried in the sand, you’ll have seen the term ‘G7’ plastered all over the Internet this week. We’re going to give you the skinny on exactly what the G7 is and what its purpose on this planet is ─ and whether it’s a good or a bad collaboration.
Who are the G7?
The Group of Seven, or ‘G7’, may sound like a collective of pirate lords from a certain Disney smash-hit, but in reality, it’s a group of the world’s seven largest “advanced” economies ─ the powerhouses of the world, if you like.
The merry band comprises:
- The United Kingdom
- The United States
Historically, Russia was a member of the then-called ‘G8’ but found itself excluded after their ever-so-slightly illegal takeover of Crimea back in 2014.
Since 1977, the European Union has also been involved in some capacity with the G7 Summit. The Union is not recognised as an official member, but gradually, as with all Europe-linked affairs, the Union has integrated itself into the conversation and is now included in all political discussions on the annual summit agenda.
When was the ‘G’ formed?
Back in 1975, when the world was reeling from its very first oil shock and the subsequent financial fallout that came with it, the heads of state and government from six of the leading industrial countries had a face-to-face meeting at the Chateau de Rambouillet to discuss the global economy, its trajectory, and what they could do to address the economic turmoil that reared its ugly head throughout the 70s.
Why does the G7 exist?
At this very first summit ─ the ‘G6’ summit ─, the leaders adopted a 15-point communiqué, the Declaration of Rambouillet, and agreed to continuously meet once a year moving forward to address the problems of the day, with a rotating Presidency. One year later, Canada was welcomed into the fold, and the ‘G6’ became seven and has remained so ever since ─ Russia’s inclusion and exclusion not counted.
The group, as previously mentioned, was born in the looming shadow of a financial crisis, but its purpose is more significant than just economics. When leaders from the group meet, they discuss and exchange ideas on a broad range of issues, including injustice around the world, geopolitical matters, security, and sustainability.
It’s worth noting that, while the G7 may be made up of mighty nations, the bloc is an informal one. So, although it is considered an important annual event, declarations made during the summit are not legally binding. That said, they are still very influential and worth taking note of because it indicates the ambitions and outlines the initiatives of these particularly prominent leading nations.
Where is the 2021 G7 summit?
This year, the summit will be held in the United Kingdom deep in the southwest of England, with Prime Minister Boris Johnson hosting his contemporaries in the quaint Cornish resort of Carbis Bay near St Ives in Cornwall.
What will be discussed this year?
After almost two years of remote communication, this will be the first in-person G7 summit since the novel Coronavirus first took hold of the globe, and Britain wants “leaders to seize the opportunity to build back better from coronavirus, uniting to make the future fairer, greener, and more prosperous.”
The three-day summit, running from Friday to Sunday, will see the seven leaders discussing a whole host of shared challenges, ranging from the pandemic and vaccine development and distribution to the ongoing global fight against climate change through the implementation of sustainable norms and values.
According to the UK government, the attendees will also be taking a look at “ensuring that people everywhere can benefit from open trade, technological change, and scientific discovery.”