Total amount raised
$42.2 Millions
Latest funding date
10/01/2019
Location
Lively has successfully raised significant funding over multiple rounds, establishing itself as a key player in the flexible benefits and Health Savings Accounts (HSA) market. The platform offers a comprehensive suite of products, including HSAs, FSAs, HRAs, LSAs, COBRA, and Medical Travel Accounts.
Keep reading to explore the intricacies of Lively's fundraising journey and the investors backing this innovative platform.
What Is Lively?
Lively, founded in 2016, is headquartered in San Francisco, California. The company was established by Shobin Uralil and Alex Cyriac.
Specializing in flexible benefits solutions, Lively offers a range of products including Health Savings Accounts (HSA), Flexible Spending Accounts (FSA), and Health Reimbursement Arrangements (HRA).
With a dedicated team of over 50 employees, Lively aims to simplify benefits administration for businesses and individuals alike.
How Much Funding Has Lively Raised?
- Series B Round
- Amount Raised: $27 million
- Date: October 16, 2019
- Lead Investors: Costanoa Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Lively’s HSA experience, invest in technology, expand consumer tool offerings, and grow its team to personalize and modernize healthcare saving and spending.
- Series A Round
- Amount Raised: $11 million
- Date: October 30, 2018
- Lead Investors: Costanoa Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate Lively's growth, expand its free consumer HSA offering, and further penetrate the employer market.
- Seed Round
- Amount Raised: $4.2 million
- Date: September 26, 2017
- Lead Investors: Streamlined Ventures, Transmedia Capital, Y Combinator, SV Angel, PJC, The Durant Company, Liquid 2 Ventures, Haystack Partners, Paul Buchheit, Isaac Oates, Frederic Kerrest, Jeff Epstein
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Lively's team, deepen its technology offering, and automate integration with existing payroll and HRIS platforms.
Total Amount Raised: $42.2 million
Current Valuation: Not publicly disclosed
Key Investors
- Costanoa Ventures
- Details: Costanoa Ventures is a venture capital firm that focuses on early-stage investments in enterprise software and financial technology. The firm is known for its hands-on approach in helping startups grow.
- Investment Focus Areas: Enterprise software, financial technology, data infrastructure
- Notable Investments: Alation, Intacct, Quizlet
- Y Combinator
- Details: Y Combinator is a startup accelerator that has funded over 2,000 startups since its inception. It provides seed funding, advice, and connections to help startups grow.
- Investment Focus Areas: Technology, healthcare, consumer products
- Notable Investments: Airbnb, Dropbox, Stripe
- Ally Ventures
- Details: Ally Ventures is the strategic investment arm of Ally Financial, focusing on investments that align with Ally's business objectives. The firm aims to foster innovation in financial services.
- Investment Focus Areas: Financial technology, automotive technology, digital banking
- Notable Investments: Better.com, Fair
- Liquid 2 Ventures
- Details: Liquid 2 Ventures is an early-stage venture capital firm founded by former NFL quarterback Joe Montana. The firm focuses on technology startups with high growth potential.
- Investment Focus Areas: Technology, artificial intelligence, consumer products
- Notable Investments: Cruise Automation, Ginkgo Bioworks
- Streamlined Ventures
- Details: Streamlined Ventures is a venture capital firm that invests in early-stage technology startups. The firm aims to support companies that are transforming industries through innovation.
- Investment Focus Areas: Technology, artificial intelligence, enterprise software
- Notable Investments: AppZen, Chime
What's Next for Lively?
As Lively looks to the future, the opportunities are vast. The HSA market is projected to approach $88 billion in assets by the end of 2021, providing a significant growth avenue. By expanding their HSA offerings and investing in technology, Lively can tap into this burgeoning market, particularly within the employer segment.
Future fundraising seems promising given the market's growth and Lively's innovative approach. However, challenges such as competition from legacy providers and maintaining robust technology will need to be navigated. With strategic planning and continued investment, Lively is well-positioned to capitalize on these opportunities.
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