Mednefits, a Singapore-based employee medical benefits platform, announced today it has raised S$8 million (US$5.95 million) in a Series A funding round, led by Malaysian firm BLoyalty.
BLoyalty, through its digital engagement platform B Infinite, will work with Mednefits to enhance and automate medical benefits for its clients’ employees across Singapore and Malaysia. These benefits will amount to S$18 million (US$13.38 million) by 2021, as per a press note.
The fresh funds will be used to expand Mednefits’s footprint within these two markets and improve technological offerings on its platform by increasing automation of its services.
Founded in 2014, Mednefits helps businesses take care of their employees with its automated, affordable and accessible employee benefits platform. It has since grown from offering medical benefits to now a full suite of healthcare and wellness essentials in Singapore and Malaysia.
The startup claims its platform has connected over 50,000 employees from 500 companies across Singapore and Malaysia to over 2,000 healthcare providers.
“Mednefits’s vision is to lead the employee benefits transformation in Southeast Asia. We will use this investment to grow faster and further in Singapore and Malaysia, while also improving the product’s self-service capabilities by growing our technological know-how,” he concluded.