Firefly Health, a Boston-based primary care startup, recently raised $40 million in a series B funding round to establish a new health plan benefit for employers, according to an April 7 news release.
Jonathan Bush, who joined Firefly as executive chairman in September 2019, said the investment will help the company's effort to "go national and bring to market a full benefit plan" that will let Firefly "bend the cost curve and further differentiate" its platform from the employer community, according to the news release.
Firefly was founded in 2017 and offers tech-enabled primary care services as well as behavioral care. Patients who use the platform are assigned a care team for continuous virtual and in-person health coaching and support. Along with its its digital application, Firefly also offers clinic and employer visits.
The company plans to launch the new health plan offering later this year and will focus on incentivizing members and sponsors with direct savings. The Firefly Plan will reward intelligent choices around lifestyle and care navigation with direct savings to members and employers.
Andreessen Horowitz (a16z) led the funding round alongside existing investors F-Prime Capital and Oak HC/FT. As part of the funding round, Julie Yoo, a 16z General Partner Julie Yoo will join the Firefly Health board.