According to reports, the funding will be used to accelerate the Company’s growth, expand collaborations with insurers across regions, and invest in the next generation of the CareVoiceOS platform. 

The Fund, managed by Apis Partners LLP (“Apis”), a UK-based asset manager renowned for its emphasis on financial returns and social impact, has been instrumental in driving growth and development within its portfolio companies. Apis leverages its sector expertise to implement value creation initiatives, positively affecting the lives of numerous individuals.

Since its initial investment in CareVoice in 2019, Apis has actively supported the company’s expansion and development efforts. These include facilitating business development activities to attract enterprise customers, utilizing its network in the insurance industry, and engaging stakeholders to foster partnerships. Apis’ investment strategy is aligned with CareVoice’s mission to transform insurer-customer engagement for improved health outcomes.

Over the past two years, CareVoice has expanded its operations and formed partnerships with leading insurers, including reinsurers and digital distribution enablers. It has also experienced a significant doubling of revenues in 2023 compared to the previous year.

In a joint statement about the Series B round, Matteo Stefanel and Udayan Goyal, Co-Founders and Managing Partners at Apis Partners, said: “The success of CareVoice is clear, demonstrated by the revenue growth of 2x year-on-year by the end of 2023, and the geographical expansion to 15 countries worldwide. With this Series B commitment from Apis Insurtech Fund I, we look forward to continuing to support CareVoice as it matures further and leads the embedded health category as a global leading software for insurance companies.”

Sebastien Gaudin, CEO and Co-founder of CareVoice, also commented, saying: “We are collaborating with two types of insurers, those early movers in the health and wellness space who are already aware of the gaps in their capabilities, and new entrants who want to accelerate, avoiding the pitfalls and challenges other insurers have faced.”

He added: “Both types are looking to generate additional profitable insurance business directly and through attracting and retaining healthier customer profiles. We see an exciting future development of this partnership approach which delivers mutual growth.”