Founded in 2013 and headquartered in San Francisco, California, Collective Health occupies a unique position in the self-funded benefits space where employers assume health insurance risk directly. The company operates in HRTech, Employer Insurance, and Employee Health IT sectors. The platform's integrated approach enables employers to customize and optimize health benefits while reducing administrative overhead.
Cyborg Score Rationale
The company raised $280M in Series F funding in May 2021 and has accumulated $769M in total funding. Annual revenue reached $883.7 million in 2025, demonstrating strong market traction. However, the lack of recent funding announcements and a static valuation since 2021 suggest a mature but not rapidly scaling trajectory.
Top Insights
(February 2026) Launched CAI Platform with Google Cloud to streamline Third-Party Administrator (TPA) services, expanding AI capabilities
(May 2021) Raised $280M Series F round, bringing total funding to $769M with strong institutional backing
Maintains strong enterprise customer base with 30 major clients and 120,000+ members; significant scale in fragmented market
Growing suite of integrated solutions (claims, concierge, analytics, engagement) creates stickiness and competitive moat against point solutions
Named Competitors
Accolade — Digital health platform for employers and health plans
Hinge Health — Musculoskeletal and behavioral health digital therapeutics
Oscar — Consumer-focused health insurance and benefits platform
Lumity — Benefits engagement and cost containment platform
Recent Developments
(February 2026) Launched CAI Platform in partnership with Google Cloud for TPA services
(April 2025) Providence Health Plan partnership announcement for employer health plans
(May 2021) Completed $280M Series F funding round led by Health Care Service Corporation (HCSC)
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