Nova Benefits, an employee wellness platform centred on corporate health insurance, said it became the first investment of AngelList Early-Stage Quant Fund in India. As part of this round, Nova Benefits received an undisclosed amount from AngelList Early-Stage Quant Fund. In September 2021, the company raised $10 million in its Series A funding round.
Nova Benefits enables corporate firms to avail customised health insurance plans for their employees and add additional health benefits around physical and mental health.
The AngelList Quant Fund is a data-based algorithmic fund recently launched by the AngelList platform, which connects early stage startups to investors and potential talent. Quant Fund uses data collected from the platform to help investors in selecting early stage startups worthy of funding based on quantitative factors. The fund counts AngelList founder Naval Ravikant as a Limited Partner (LP).
The primary factors for startups to get chosen for funding on the AngelList platform is the volume of early-stage investment and hiring stats. Investors also look at indicators like the background of applicants and number of applicants when making this assessment.
Abraham Othman, PhD, who heads the Quant Fund's investment committee said: “The Quant Fund is thrilled to be an investor in Nova Benefits.”
Saransh Garg, CEO and Co-Founder of Nova Benefits said, “This round of funding will help us expand our wellness offerings on the platform in terms of product management, engineering, sales and customer success teams. We believe the Quant Fund has added significant value to our company by providing us with a platform to connect with investors and a skilled talent pool, which will help expand our business in the coming years.”
Nova Benefits plans to use part of the funds to set up an Analytics Division to track hiring and employee wellness trends, leveraging data access provided by AngelList Quant Fund.
Yash Gupta, CTO & Co-founder, Nova Benefits said, “B2B insurance traditionally comes with a ton of manual work because of frequent changes in employee rosters. This also makes the onboarding experience for new employees sub-par. At Nova, we are building an employee wellness platform that is easy to use for HR teams and employees alike. Our tech infrastructure has been developed to address the challenges faced when purchasing policies, understanding policy terms, applying for claims, gamifying fitness activities, and accessing wellness benefits like mental health counseling. Our goal is to make teams healthier and more productive through our wellness platform in the long run.”
