Andreessen Horowitz invests in Plymouth Meeting's Accolade
Accolade Inc., which contracts with self-insured employers and insurers to help beneficiaries navigate health care, on Thursday announce that it raised more than $70 million from investors led by Andreessen Horowitz, a prominent Silicon Valley venture capital firm.
Accolade Inc., which contracts with self-insured employers and insurers to help beneficiaries navigate health care, on Thursday announce that it raised more than $70 million from investors led by Andreessen Horowitz, a prominent Silicon Valley venture capital firm.
Founded in the Philadelphia region in 2007, Accolade now has joint headquarters in Plymouth Meeting and Seattle, where the company's new chief executive, Rajeev Singh, is based.
Accolade, which employs around 500 in Plymouth Meeting, said it will use the new venture capital to further develop its technology, invest in research and development, and expand its sales and marketing reach.
"Accolade is simply the best tool we've seen to help companies simultaneously improve both the quality and the cost of healthcare," Jeff Jordan, general partner of Andreessen Horowitz, said.
Accolade said its data-centric view of individuals saves employers 5 percent to 15 percent on the cost of health care.
An affilliate of Independence Blue Cross, one of Accolade's clients, participated in a $22.5 million investment round last July.
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