Loop Health, a startup that distributes health insurance, has secured $12 million in a round headed by Elevation Capital and General Catalyst.
Mayank Kale, Ryan Singh, Amrit Singh, and Shami Raj founded Loop in 2018, and it presently sells solely group health insurance policies.
In the last 12 months, Loop Health has sold over 50,000 plans to 150 firms and has been trimming at 50% month over month.
The startup said it will use the funding to scale up business and for product development through custom insurance products including wellness and physical healthcare clinics, and drive strategic hiring, mainly in the sales and engineering verticals, said Mayank Kale, Co-founder and CEO, Loop Health.
