Singapore-based medical benefits platform for employees Mednefits has announced it has successfully raised S$8 million (equivalent of US$5.95 million) in a Series A round of financing. The round of funding was led by Malaysian customer loyalty firm BLoyalty.
B Infinite will also work with Mednefits to enhance and automate the medical benefits for its clients’ employees across the two countries. Mednefits said the benefits will amount to S$18 million by 2021.
The latest round brings the Mednefits’ total funding raised to S$12 million.
The fresh capital will be invested in growing the startups presence and market share and also enhance its technological offerings on its platform.
Founded in 2014, the startup connects companies and their employees to medical providers. It has since grown from offering medical benefits to now a full suite of healthcare and wellness essentials in Singapore and Malaysia.
Chris Teo, CEO of Mednefits, said: “Digital technologies can help companies address business and operational challenges. By having businesses of all sizes on Mednefits’s cloud-based platform and an expansive network of panel clinics, we are able to offer competitive and flexible corporate healthcare plans, while simplifying and automating reimbursements.”
“Mednefits’s vision is to lead the employee benefits transformation in Southeast Asia. We will use this investment to grow faster and further in Singapore and Malaysia, while also improving the product’s self-service capabilities by growing our technological know-how,” he added.