Hixme Insurance Solutions Inc. announced Wednesday that it has raised $14.1 million in a Series B funding.
The Agoura Hills health benefits consulting firm has now raised a total of $26.6 million. The money will help the company promote its products and increase its sales and geographic presence.
The funding round was led by Propel Venture Partners of San Francisco and included Kleiner Perkins Caufield & Byers, a venture capital firm in Silicon Valley, as well as Transamerica Ventures and Rosemark Capital.
Kleiner Perkins had led the $10.4 million Series A funding a year ago.
Chief Executive Denny Weinberg said the investment firms are joining Hixme at the intersection of health care, financial services and technology.
“Our core mission is to help individuals and organizations more creatively manage the financial risks associated with health care by redefining ‘coverage’ to be more than just health insurance,” Weinberg said.
Hixme offers a technology-enabled platform to help employers move from employer-owned group benefits programs to market-based programs where the employees can tailor coverage to fit their needs. This approach was made possible because of the Affordable Care Act, which no longer makes it a requirement to have a job to retain health insurance. Thus, Hixme is encouraging employers to pay its employees, and then let the employees choose their own policies.