An investment firm that has put money to work in Square and Slack, among others, has led a $95 million funding round for League Inc., the Toronto-headquartered developer of software platforms for healthcare consumers.
Founded eight years ago, League expanded from Canada into the United States in 2017 and now has offices in Toronto and Chicago. Leading its latest investment round is TDM Growth Partners, which was joined by Workday Ventures and existing investors. The company began life looking to focus on companies with 25 to 50 employees but has turned its focus to large business for which it can provide a technological – and interoperable – foundation for digital health services such as benefits and broader population health management. Among its clients are Humana, Unilever and Canadian grocer Loblaw.
“League’s [platform-as-a-service] offering is positioned as the de facto digital infrastructure to build comprehensive healthcare consumer experiences,” Michael Serbinis, the company’s founder and CEO, said in a Feb. 1 statement. “Providers, payers, consumer health partners and employers use League’s platform to build unique and differentiated applications that transform healthcare from a patchwork of disparate point solutions to a cohesive experience that just works.”
League’s latest funding – which grows its total backing to date to $205 million – will go toward scaling its infrastructure. The company’s software is built on the Fast Healthcare Interoperability Resources standard and leverages the Google Cloud Platform to pull information from electronic health records, claims records, connected devices and third parties.
Based in Sydney and New York, TDM Growth Partners has over the years also invested in music streaming giant Spotify and footwear and apparel retailer allbirds, among others. The firm focuses on no more than 15 companies at a time and can commit up to $250 million per investment.
“We are proud to play a role in League’s vision for the future of healthcare and the transformation of care delivery,” said Jess Bell-Allen, a member of TDM’s investment team. “We appreciate and understand the scaling journey of pre-IPO companies and what it takes to transition them successfully to the public markets.”
