Series B funding demonstrates growing interest in vision programs and vision care among investors and employers
SAN CARLOS, Calif., Sept. 13, 2024 /PRNewswire/ — XP Health, a company dedicated to modernizing vision care with a digital-first vision care platform, announced today a new $33.2 million Series B infusion of capital.
This round of funding was led by global fintech VC firm QED Investors with other prominent investors including Canvas Ventures, American Family Ventures, HC9 Ventures, Valor Capital Group, and Manchester Story, who were all also part of a $17.1 million Series A round announced in fall 2022.
XP Health has raised a total of more than $55 million. The company offers full replacement vision programs that help reduce employee out of pocket cost, while providing a fresh approach to the vision care experience. Its vision programs cover more than 250,000 people and have seen rapid growth in the last two years since launching its platform, expanding from 30 to over 3000 business customers, including DocuSign, Navistar, Chegg, Sequoia Consulting, and strategic partners like The Guardian Life Insurance Company of America.
“Vision care is an indispensable provision for employee wellbeing, and we are excited to partner with XP Health on building a category leader,” said Victoria Zuo, of QED Investors. “Employees are tired of overpaying for out of pocket costs for vision care. With XP Health, they can now dramatically decrease that expense while enjoying a far superior user experience and product.”
QED Investors’ portfolio has encompassed 225 investments across 19 countries, including 28 unicorns such as Credit Karma, Nubank, Remitly, Flywire, and SoFi, as well as health and benefits companies like Decent, Finch, and EasyHealth.
“We’re proud to raise a substantial round with great terms, despite the tough funding environment, which demonstrates our continued growth and a strong demand from employers and benefit partners for a modern vision care solution,” said Antonio Moraes, CEO and co-founder of XP Health. “With this new investment, we’ll strengthen our competitive advantage by focusing on a best-in-class customer experience that includes reducing traditional employee vision costs by as much as 69 percent, and expanding our production capacity to eventually serve 10 million members.”
According to Moraes, XP Health will invest in R&D to continue expanding its product offering, as well as increase its focus on Generative AI products that will improve the member experience and continue to reduce typical member friction points in vision care, such as reducing the time it takes for appointment scheduling and enhancing the digital shopping experience. In addition, XP Health will deploy the funding to continue expanding its sales and marketing efforts, further empowering employers and distribution partners nationwide.
About QED Investors
QED Investors is a global leading venture capital firm based in Alexandria, Va. Founded by Nigel Morris and Frank Rotman in 2007, QED Investors is focused on investing in disruptive financial services companies worldwide. QED Investors is dedicated to building great businesses and uses a unique, hands-on approach that leverages its partners’ decades of entrepreneurial and operational experience, helping companies achieve breakthrough growth. Notable investments include AvidXchange, Betterfly, Bitso, Caribou, ClearScore, Current, Creditas, Credit Karma, Flywire, Kavak, Klarna, Konfio, Loft, Mission Lane, Nubank, QuintoAndar, Remitly, SoFi, Wagestream and Wayflyer.
About XP Health
XP Health democratizes access to high-quality, delightful experiences in vision care that double coverage and reduce costs. It is a digital-first vision platform focused on eye exams and eyewear that uses customer-centric design and technology to create a better member experience and improve access. XP Health was founded to combat the often confusing, expensive, and frustrating experiences common with vision care and vision insurance. XP Health was named to Fast Company’s 2021 list of “The World’s Most Innovative Companies,” and over the past year has expanded from 30 to 3000+ customers, including DocuSign, Navistar, Chegg, Sequoia Consulting, and strategic partner Guardian Life Insurance. To learn more visit xphealth.co.
Media Contact
Ivy Cohen
Ivy Cohen Corporate Communications
(212) 399-0026
[email protected]
SOURCE XP Health
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