XP Health, a company focused on modernizing vision care with a digital-first vision care platform, announced a new $33.2 million Series B infusion of capital. This funding round was led by global fintech VC firm QED Investors with other prominent investors, including Canvas Ventures, American Family Ventures, HC9 Ventures, Valor Capital Group, and Manchester Story, who were all also part of a $17.1 million Series A round announced in fall 2022. So far, XP Health raised a total of over $55 million.
The company provides full replacement vision programs that help reduce employee out of pocket cost, while offering a fresh approach to the vision care experience. Its vision programs cover more than 250,000 people and have seen rapid growth in the last two years since launching its platform, expanding from 30 to over 3000 business customers, including DocuSign, Navistar, Chegg, Sequoia Consulting, and strategic partners like The Guardian Life Insurance Company of America.
XP Health will invest in R&D to continue expanding its product offering and increasing its focus on Generative AI products that will improve the member experience and continue to reduce typical member friction points in vision care, like reducing the time it takes for appointment scheduling and enhancing the digital shopping experience. In addition, XP Health will deploy the funding to continue expanding its sales and marketing efforts, further empowering employers and distribution partners nationwide.
KEY QUOTES:
“Vision care is an indispensable provision for employee wellbeing, and we are excited to partner with XP Health on building a category leader. Employees are tired of overpaying for out of pocket costs for vision care. With XP Health, they can now dramatically decrease that expense while enjoying a far superior user experience and product.”
-Victoria Zuo, of QED Investors
“We’re proud to raise a substantial round with great terms, despite the tough funding environment, which demonstrates our continued growth and a strong demand from employers and benefit partners for a modern vision care solution. With this new investment, we’ll strengthen our competitive advantage by focusing on a best-in-class customer experience that includes reducing traditional employee vision costs by as much as 69 percent, and expanding our production capacity to eventually serve 10 million members.”
-Antonio Moraes, CEO and co-founder of XP Health
