Russian insurtech startup BestDoctor has scored $4.5 million in investment dollars. The funding, which was first spotted by Tech Crunch, was led by AddVenture and Target Global, with participation from the LVL1 fund. 

East-West Digital News previously reported on the company’s $3 million Series A round in May of 2019. 

WHAT IT DOES

The company caters to employers providing health plans to their staff. It relies heavily on the tech aspect, offering virtual health consultations and access to mental health therapists 24/7. According to the website, if a patient needs a specialist visit, one can be provided by BestDoctor partner clinics. 

Companies get monthly reports on expenses, which do not give out the personal medical data of employees. According to the startup, companies are only required to pay for the medical services that they receive. 

WHAT IT’S FOR 

The company did not specify what the new funds would be used for. 

MARKET SNAPSHOT

In the U.S., the health insurtech industry is on the rise. Last month Oscar Health scored a whopping $225 million in Series C financing from Alphabet, General Catalyst, Khosla Ventures, Lakestar, Thrive Capital and Baillie Gifford. 

In December tech-enabled insurance company Bright Health announced the close of a $635 million Series B. Medicare Advantage insurtech company Clover Health raised $500 million in January of 2019. Additionally, Devoted, a Waltham, Massachusetts-based startup, closed a $300 million Series B. 

Most recently, in March, Alignment Healthcare, a Medicare Advantage (MA) insurer that relies on a tech platform to manage its members' shifting data in real time, scored $135 million in funding.