Telus Ventures has led a $47m round for the flexible workplace benefits platform that included existing backers BDC Ventures and Royal Bank of Canada.
League, the Canada-based developer of a health benefits management platform for businesses secured C$62m ($47m) this week in a series B round led by telecommunications firm Telus through its Telus Ventures unit.
RBC Ventures, the venture capital arm of financial services firm Royal Bank of Canada (RBC), also took part in the round, as did family office Infinite Potential Group, Wittington Ventures, Omers, Real Ventures and BDC Ventures, a subsidiary of Business Development Bank of Canada.
Founded in 2014, League runs an online platform that enables businesses to offer their employees more customisable health insurance as well as online health content and support.
The company expanded into the US in 2017 and is now licensed to operate in all 50 states, and the latest funding will support further international growth, beginning with the UK and European Union in 2019. It also plans to add new benefits to its platform.
League raised $25m in a mid-2016 series A round led by Omers Ventures, pension fund Omers’ VC vehicle, and backed by RBC, insurance firm Manulife Financial and financial holding company Power Financial Corporation.
BDC’s IT Venture Fund also took part in the 2016 round, as did Infinite Potential Technologies and Real Ventures, both of which had contributed to a $4m seed round led by Omers Ventures in 2014, along with Foundation Capital.
Rich Osborn, managing partner at Telus Ventures, said: “We believe that innovative companies like League – which deliver compelling, consumer-centric experiences – will not only drive high employee and employer engagement, but will also deliver fundamental improvements in health outcomes for Canadians through their carrier-friendly open platform.
“I am pleased to support the League team as a new board member and add the company to our venture portfolio alongside others innovating in virtual care, mental health, personal health records, wellness and population health management.”