Equipsme, a UK-based SME health insurance plans provider, has raised £2.5m in Series A funding.
Equipsme enables businesses with employees ranging from two to 249 to offer health support plans for the whole of their workforce.
The round was led by Livingbridge through funds from the Baronsmead Venture Trusts, with participation from various angel investors.
Every plan holder receives a home health check and has 24/7 access to a private GP service. Diagnosis and treatment are offered by private health insurance provider AXA PPP.
The plans offered by Eqiupsme begin at £7 per employee per month and can go up to £37 per employee per month.
It is claimed that unlike traditional private health insurance, Equipsme has been designed to provide its customers with something of tangible value from the start, while providing a cost effective and tailored benefits package for businesses who want to support their staff.
Equipsme managing director Matthew Reed said the company received better response over the past six months.
Reed said: “This injection of capital is a demonstration of confidence from our investors, not only in the strength of our product but in the potential it has to help protect the health of UK businesses. It gives us the impetus we need to accelerate our growth plans, both through our existing distribution partners and alternative channels.”
The funding will be used by the Eqiupsme to scale up its distribution and will focus on the 95% of companies which do not offer private medical insurance to their employees.
Andrew Garside of Livingbridge said: “Matthew and his team have a clear vision to help smaller and mid-sized UK businesses protect their teams – and they have the proposition and the expertise to achieve that vision. It’s a great idea supported by a well-thought out product and the scalability to fill the huge gap that exists in the market. We are delighted to support them on their journey.”