Handl Health secures $2.5M in Seed Funding to drive innovation for the employer-sponsored benefits ecosystem

PR Newswire
Wednesday, April 24, 2024 at 4:00pm UTC

Handl Health secures $2.5M in Seed Funding to drive innovation for the employer-sponsored benefits ecosystem

PR Newswire

The oversubscribed round was Initiated by Mucker Capital and Everywhere Ventures, with participation from Tau Ventures, Riverfront Ventures, DHVP, Boutique Venture Partners, Plug and Play Ventures and Techstars.

LOS ANGELES, April 24, 2024 /PRNewswire/ -- Handl Health, a first-to-market AI platform built to help benefits consultants design and deliver affordable health benefits, today announced an oversubscribed $2.5M Seed fundraise initiated by Mucker Capital and Everywhere VC, with participation from Tau Ventures, Riverfront Ventures, DHVP (Digital Health Venture Partners), Boutique Venture Partners, Plug and Play Ventures and Techstars. This funding will enable Handl Health to realize its vision of revolutionizing employer-sponsored healthcare through data-driven health plan design and management.

Handl Health was founded in 2022 after founders Ahmed Marmoush and Ria Shah were awarded a Phase I Small Business Innovation Research (SBIR) grant from the National Institute of Health (NIH) to research the effect of price transparency legislation – such as Hospital Price Transparency and Transparency in Coverage – on the American employer and consumer. This research led to the development of Handl Health's platform, which leverages proprietary AI models to mine, clean and organize healthcare price transparency data from publicly available sources at scale. Today, the platform is used by benefits consultants across the country to build affordable health plans for their employer clients. With the Seed funding, Handl Health plans to invest in further advancing its analytics and workflow automation capabilities to give benefits consultants a single place to access verified price transparency data to build and manage high performing health plans.

"We are thrilled to announce this significant milestone in our journey. Securing $2.5M seed funding from our esteemed investors validates our vision and underscores their confidence in our ability to revolutionize the employer-sponsored benefits market," shares Ahmed Marmoush, CEO & co-founder of Handl Health. "This funding not only fuels our growth but also affirms our commitment to empowering brokers and transforming the way health plans are built and managed."

In addition to their Seed funding, Handl Health has been awarded a $1.3M Phase II SBIR grant from the National Institute of Nursing Research of the NIH (Award Number R44NR021119) to drive the development of an interconnected system that manages pre-appointment billing and payment of healthcare services between third party administrators, providers and plan members. With the Seed funding and Phase II grant, Handl Health's trajectory promises to revolutionize the ecosystem of employer-sponsored benefits, from building plans to paying for care.  

"We're proud to support Handl Health in their Seed raise, and are excited about their innovative approach and dedication to revolutionize the way employer-sponsored benefits are designed and delivered," explains William Hsu, Partner and co-founder at Mucker Capital. "With their rapid momentum, we have no doubt that Handl Health will deliver valuable and transformative solutions to brokers and employers."

Research reported in this publication was supported by the National Institute Of Nursing Research of the National Institutes of Health under Award Number R44NR021119. The content is solely the responsibility of the authors and does not necessarily represent the official views of the National Institutes of Health.

About Handl Health
Handl Health (Techstars '23, AlphaLab Health '23) is a first-to-market AI platform that aggregates and analyzes publicly available healthcare pricing data to help benefits consultants convert new business, retain clients and execute on savings opportunities. Fueled by newly published hospital and health plan price transparency data, Handl Health's platform introduces the next generation of possibilities for employer-sponsored benefits. To learn more, visit: www.handlhealth.com.

Media Contact: shapari@handlhealth.com

About Mucker Capital
Founded in Santa Monica, CA in 2011, Mucker Capital provides Pre-Seed, Seed and Series A capital and support for startups in Southern California and in other, similarly underfunded ecosystems outside Silicon Valley.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/handl-health-secures-2-5m-in-seed-funding-to-drive-innovation-for-the-employer-sponsored-benefits-ecosystem-302124817.html

SOURCE Handl Health