NEW YORK — Nayya, which operates an insurance benefits management platform, has closed $11 million in Series A funding led by Felicis Ventures, with continued support from all early investors including Social Leverage, Guardian Life, one of the largest mutual life insurance companies in the US, and Cameron Ventures. Unum Business Ventures also joined the round with a venture investment from the Fortune 500 insurance company covering 39 million Americans.
Nayya was founded by Sina Chehrazi and Akash Magoon in 2019.
Nayya leverages billions of datasets across the healthcare and insurance industries to eliminate the complexity of benefits selection and help consumers choose and utilize the right personalized benefits plans throughout the year. Nayya’s customers and partners include insurance carriers, such as Guardian, Unum, and American Public Life, benefit administrator Selerix, dozens of national employers. Nayya also has existing alliances with several of the ten largest brokerage firms in the country, including Acrisure’s leading voluntary benefits division.
“Selecting the right insurance can be a difficult and costly process, particularly with added concerns and health risks brought on by the pandemic,” said Sina Chehrazi, CEO and co-founder of Nayya. “Our investors recognize the power behind Nayya’s technology to harness the massive proliferation of data produced across the healthcare and insurance industries. Leveraging AI and data science, we can highlight and manage plans that best match individual needs, at the same time putting dollars back into American households during the rest of the year — at a time they need it most.”
“The promise of real time access to healthcare data, transparency, and personalized recommendations has not yet translated to better healthcare benefits decisions for consumers. Benefit selection continues to be overwhelming, confusing, and not customized to the needs of each consumer,” said Victoria Treyger, General Partner and Managing Director at Felicis Ventures. “We are thrilled to back the Nayya team whose transformative benefit platform solves this critical need for consumers, and empowers enterprise customers to develop innovative benefit products for all life stages.”
With medical insurance premiums increasing 54% over the last decade and a growing number of bankruptcies caused by soaring medical bills, American families need help. Nayya’s new capital will be used to grow the team in New York and across the country, expand Nayya’s product portfolio into additional lines of insurance, deepen Nayya’s consumer data and HCM (Human Capital Management) integrations, and fuel partnerships across leading employers, carriers and brokers.