XP Health, a company dedicated to modernizing vision care with a digital-first vision care platform, has raised $33.2 million in Series B funding round led by global fintech VC firm QED Investors.
Read also – Second Front Systems Secures $70 Million in Series C Funding
Other prominent investors including Canvas Ventures, American Family Ventures, HC9 Ventures, Valor Capital Group, and Manchester Story, who were all also part of a $17.1 million Series A round announced in fall 2022. XP Health has raised a total of more than $55 million.
Read also – Inflammatix Secures $57 Million in Series E Financing
“Vision care is an indispensable provision for employee wellbeing, and we are excited to partner with XP Health on building a category leader,” said Victoria Zuo, of QED Investors. “Employees are tired of overpaying for out of pocket costs for vision care. With XP Health, they can now dramatically decrease that expense while enjoying a far superior user experience and product.”
“We’re proud to raise a substantial round with great terms, despite the tough funding environment, which demonstrates our continued growth and a strong demand from employers and benefit partners for a modern vision care solution,” said Antonio Moraes, CEO and co-founder of XP Health. “With this new investment, we’ll strengthen our competitive advantage by focusing on a best-in-class customer experience that includes reducing traditional employee vision costs by as much as 69 percent, and expanding our production capacity to eventually serve 10 million members.”
According to Moraes, XP Health will invest in R&D to continue expanding its product offering, as well as increase its focus on Generative AI products that will improve the member experience and continue to reduce typical member friction points in vision care, such as reducing the time it takes for appointment scheduling and enhancing the digital shopping experience. In addition, XP Health will deploy the funding to continue expanding its sales and marketing efforts, further empowering employers and distribution partners nationwide.
About XP Health
XP Health is a digital-first vision platform focused on eye exams and eyewear that uses customer-centric design and technology to be more affordable, accessible, and provide a better member experience. XP Health was founded to combat the often confusing, expensive, and frustrating experiences common with vision insurance. The company was named to Fast Company’s list of “The World’s Most Innovative Companies,” and in 2022 expanded from 30 to 1500+ customers.
