Health insurance startup Vitable Health announced that the company raised $1.6 million, led by the SoftBank Group Corp Opportunity Fund.

The investment also comes from Y Combinator, DNA Capital, Commerce Ventures, MSA Capital, Coughdrop Capital, and angels like Immad Akhund, CEO Mercury Bank, Allison Pickens, ex-COO Gainsight and Manoj Pinna, ex-CMO Nubank.

The Philadelphia-based company, which recently launched from Y Combinator, is focused on bringing basic health insurance to underserved and low-income communities. This $1.6 million raise will allow the company to scale its current operations, continue supporting existing members with expanded services, and attract new members and larger business customers. These funds will also be used to expand Vitable’s affordable coverage to residents in New Jersey and Delaware.

“Vitable is a great idea, with a great founder, solving an important problem in the world.” — Managing Partner, SoftBank Group Corp.’s Opportunity Fund, Shu Nyatta.

“Good healthcare is a basic right that every American deserves, whoever they are. We’ve been inspired by Joseph and his approach to addressing this challenge. Vitable Health is bridging critical gaps in patient care and has emerged as a necessary, essential service for all whether they’re uninsured, underinsured, or simply need a better plan for their lifestyle. The SoftBank Group Corp. is excited to support Vitable Health, as it revolutionizes the healthcare industry and shapes our future approach to acute and preventative care.” – Early Stage Investing Lead, Soft Bank Opportunity Fund, Paul Judge.

“From the very first meeting with SoftBank, I was excited by our shared view of how technology can shape a positive future, as well as the endless possibilities Vitable could unlock working with SoftBank’s network of experience and expertise as we reimagine a better healthcare system.” – Founder, Vitable Health, Joseph Kitonga.  

Source: Coverager