TORONTO — A Canadian startup company has raised $62 million from Telus Ventures and other major backers to expand its digital employee health benefits business with new offices in San Francisco, New York and London.
League Inc. said today that the Weston family’s Wittington Ventures also participated in the Toronto-based company’s latest funding round.
Other investors include the OMERS pension fund, a Royal Bank venture fund and BDC Ventures, which is part of the federal government’s Business Development Bank.
The company has a suit of apps designed to reduce the total operating costs for companies to deliver benefits programs.
The apps include a customizable digital wallet, behaviour-based health rewards and a marketplace where members can get deals on health and wellness products.
League said it is currently licensed to operate in all 50 states, after entering the U.S. market last year, and it plans to begin operations in the United Kingdom and European Union next year.
A spokesman for Telus Ventures, an arm of Telus Corp., said League will become part of its portfolio of health-oriented investments.
“I’m pleased to support the League team as a new board member and add the company to our venture portfolio alongside others innovating in virtual care, mental health, personal health records, wellness, and population health management,” said Rich Osborn, managing partner for Telus Ventures.
Companies in this story: (TSX:T), (TSX:RY)
The Canadian Press