Greenlight Re Innovations, part of the specialist hedge fund backed property and casualty (P&C) reinsurer Greenlight Capital Re, has invested in Sana Benefits, an Austin-based third party administrator (TPA) startup focused on the U.S self-insured health market.
Having commenced providing administrative services on September 1, 2018, Sana Benefits’ Software as a Service (SaaS) platform provides small-to-medium sized businesses better access to benefit plans for their employees.
This investment comes a week after Greenlight made a strategic investment in Galileo Platforms, a Hong Kong-based Platform as a Service (PAAS) business focused on emerging markets in Asia.
Sana is led by co-founders Will Young and Nathan Hackley, who have previous experience with Google, Barrel and most recently, the tech enabled benefits firm, Justworks.
“We are pleased to support Will, Nathan, and the growing team at Sana as they apply their expertise in employee benefits, customer experience and software development to address the needs of an underserved market,” said Greenlight Re Chief Executive Officer Simon Burton said.
“Sana is one example of a great opportunity to use tech to transform the customer experience and we’re delighted to be partnering with them.”
Young & Hackley added, “We are delighted that Greenlight Re is leading our seed round. Small group stop loss insurance is broken on so many levels; underwriting, administration, distribution, member experience.”
“Greenlight Re understands and supports Sana’s vision for building a fully integrated, tech-forward experience to fix it.”