Fijoya Raises 8.3M Seed Funding to Pioneer AI-Powered Platform for Employer-Sponsored Healthcare

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Fijoya, a highly personalized platform for employer-sponsored health and wellness services, announced today an $8.3M funding round led by the Venture-Creation fund of Team8.

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Thursday, March 7, 2024
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Tags: 
Technology, Insurance, Human Resources, Other Technology, Health Technology, Professional Services, Health Insurance, Health, Data Management, Other Professional Services, Baxter International, Acquisition, Polans (western), CPO, GM, Mastercard, HR, Ecosystem, Fintech, Genomics, Health insurance
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UNITED STATES, NORTH AMERICA, ISRAEL, MIDDLE EAST, BAXTERS
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FIJOYA, TEAM8
Summary
Key Points: 
  • Fijoya, a highly personalized platform for employer-sponsored health and wellness services, announced today an $8.3M funding round led by the Venture-Creation fund of Team8.
  • Operating at the intersection of fintech and healthcare, Fijoya offers employers a simplified, convenient, and cost-efficient way to offer more flexible health benefits.
  • Given the breadth of employer-sponsored healthcare, Fijoya will initially focus on challenges in the $32 billion point solution vendor market.
  • “This funding will allow Fijoya to expand its platform offerings in pursuit of a broad vision to change the landscape of employer-sponsored healthcare.


Fijoya, a highly personalized platform for employer-sponsored health and wellness services, announced today an $8.3M funding round led by the Venture-Creation fund of Team8.

Employer-sponsored healthcare is a $1.5 trillion industry riddled with escalating costs, administrative overload, and underutilized benefits. Operating at the intersection of fintech and healthcare, Fijoya offers employers a simplified, convenient, and cost-efficient way to offer more flexible health benefits.

With a single, pay-per-use contract, Fijoya’s comprehensive platform gives employers a way for their employees to conveniently find and seamlessly pay for thousands of health and wellness services and products that fit their needs. Mastercard has signed on as the payments partner for the Fijoya platform in the U.S., drawing on its decades-long track record of healthcare-focused solutions for payers and providers that drive greater efficiency and security across the ecosystem.

Given the breadth of employer-sponsored healthcare, Fijoya will initially focus on challenges in the $32 billion point solution vendor market. Employers offer point solutions to expand their health benefits package in a way that will boost employee satisfaction and attract new talent. Amid a growing constellation of point solutions, HR and Benefits teams are overwhelmed by heavy administrative workload, costly flat payment models across disparate vendors, and ongoing employee demand for more flexible, diverse benefits packages.

Fijoya’s AI-driven recommendation engine enhances the discovery and selection of personalized health benefits by matching employees with the precise health services they need from thousands of options available in the platform. The platform enables seamless payment through embedded, on-demand employer-funded digital cards, eliminating the need for receipts or reimbursements.

Fijoya is co-founded by Baruch Levy, CEO, and Sagi Polani, CPO. Together, they bring over 40 years of healthcare and entrepreneurial experience. Prior to co-founding Fijoya, Levy was VP of Monitoring Innovations at Baxter International, the Fortune 500 medical device company. Levy was part of Baxter's Global Leadership Team after Baxter’s acquisition of Cheetah-Medical, where he served as GM & CTO. Polani is also a serial entrepreneur and a seasoned Chief Medical Officer with a DVM/PhD and expertise in biomedical optics, genomics, bioinformatics, and biopharma.

“Employer-sponsored healthcare is at a breaking point, with unsustainable complexity and cost,” said Levy. “Our goal is to make it easier for employers to deliver the best employee health experience - easy to offer, find, and pay for. A health experience that is flexible, diverse and personalized, just like the people they serve.”

“Fijoya provides an opportunity to impact the lives of 160M employees and their families covered by self-insured employers by optimizing the way they consume and pay for healthcare,” said Team8 Managing Partner Assaf Mischari. “This funding will allow Fijoya to expand its platform offerings in pursuit of a broad vision to change the landscape of employer-sponsored healthcare. We are incredibly proud that Fijoya is the first digital health startup built in collaboration with Team8’s venture-creation fund.”

About Fijoya

Fijoya is positioned at the intersection of fintech and healthcare, offering an end-to-end platform for employer-sponsored health and wellness services. Fijoya’s recommendation engine is powered by advanced AI technology to deliver highly personalized matches that meet individual employee health needs and preferences. Fijoya eliminates all the administrative burdens that companies face when selecting, onboarding, and managing individual vendors. For employees, Fijoya makes it possible to conveniently access and pay for thousands of health and wellness services and products. Fijoya is HIPAA-compliant and SOC-2 certified. For more information, please visit www.fijoya.io.

About Team8

Team8 is a global Venture-Creation and Venture Capital Fund that creates and invests in companies focusing on Cybersecurity, Data & AI, Fintech, and Digital Health. Team8’s signature Venture-Creation model is designed to identify meaningful problems, create theses on potential solutions, and build and invest in innovative companies that tackle these challenges.

Team8 leverages an in-house multi-disciplinary team of more than 80 company-builders, together with a dedicated community of global C-level executives and thought leaders. Team8 partners with world-class founders and works with them to increase the probability of success via a disciplined, repeatable process from inception through product-market fit, growth, and beyond. Team8’s unique platform brings together specialized expertise across technology, go-to-market, HR, and strategy.

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