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Investments

Backing HealthKey—transforming how healthcare is paid for

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Investments

Backing HealthKey—transforming how healthcare is paid for

Words Founders Factory

April 17th 2024 / 3 min read

We’re excited to announce the latest Fintech Venture Studio investment with Aviva—HealthKey.

The problem

Healthcare has transformed in recent years, with hundreds of health solutions (both digital and in-person) offering support or treatment for a huge range of solutions. However, this healthcare market is fragmented and disjointed.

Payers (such as insurers or employers) struggle to meet the demand for personalised health, instead opting for one-size-fits-all solutions which rarely meet the specific needs of employees. Providers, meanwhile, struggle to engage with payers—4 out of 5 say they struggle to be reimbursed by payers. So these companies instead rely on D2C business models.

Ultimately, it's the individual who loses out—finding it hard to access the right care at the right time, without the burden of out-of-pocket expenses or complex reimbursement.

It’s no wonder then that workplace health cover is rarely used—10% utilisation of employee health benefits is viewed as a ‘highly successful’ benchmark.

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The solution

HealthKey is transforming how healthcare is paid for and accessed. They are bridging the gap between payers and providers, providing a unique point of access for users to unlock a huge range of healthcare solutions and benefits.

Through HealthKey’s platform, employees get access to a range of providers across numerous different areas. Costs of care are far more transparent, a fraction of the price, and directly linked to utilisation (e.g. you know exactly how much the care you access is costing and pay only for the care used). Moreover, HealthKey is integrated directly as a payment option with providers, automatically splitting payments with no out-of-pocket, claims, or reimbursement process needed.

They’ve already built a huge network of partners offering healthcare benefits, covering areas including reproductive health (The Lowdown, Bloomful, Hertility, Mojo, Yoxly), mental health (InsideOut, Alena), preventative healthcare (Scan.com, Thriva Health, Goodbody), weight loss (Fiit, Gro Health), among others.

Pilots have seen huge success already. Users are typically reaching above the 10% utilisation benchmark within the first week, and hitting above 40% ongoing engagement, with 62% of purchases going for specialised services (38% for more generic services).

HealthKey has raised £1.13m from Aviva Ventures, Ascension, Oxford Capital, Cur8 Capital, and angel investor Christine Schoenzart. With the new funding secured, HealthKey plans to accelerate its growth trajectory, further enhance its platform capabilities, and expand its network of payers and providers.

The team

David Jorring (CEO & Co-founder)

David brings a wealth of experience in the digital health space, having spent two and half years at Thriva Health where he built and scaled both B2G and B2B health solutions. Prior to this, he spent two years as a consultant at Boston Consulting Group.

Tudor Cotop (CTO & Co-founder)

Tudor has a wealth of experience building and scaling products and teams. Before HealthKey, he was an engineering manager at SeedLegals, and Head of Product Development at Pirean, the identity and access management software company.

Why we’re excited to invest

Olly Betts, sector director for fintech, says: “Access to healthcare is one of the world’s biggest challenges. That is why I am so excited to have worked closely with HealthKey—improving the way healthcare is accessed and paid for. As investors we are excited by the future Healthkey will enable: helping people find personalised healthcare and automating healthcare payments to remove the need for out of pocket payments or complex claims.”