About Angle Health
Angle Health sells level-funded group health plans to employers, with a focus on small businesses. It acts as the carrier, third-party administrator and managing general underwriter, so quoting, onboarding, administration and member support sit in one platform. Brokers can generate firm quotes in minutes. The platform connects to more than 100 payroll, HRIS and benefits administration systems.
Angle Health launched in 2021 and is based in San Francisco. It serves more than 5,000 employers and offers plans in 47 states. Ty Wang is co-founder and chief executive officer. In Utah, Balanced Insurance Company of Utah offers the plans. In most other states, Angle Insurance Services produces them and Adrem Administrators administers them.
Funding Rounds (SEC Form D)
| First sale | Filed with SEC | Amount sold | Investors | Avg. check | Terms | Filing |
|---|---|---|---|---|---|---|
| Oct 15, 2026 | Oct 29, 2026 | $591,524,799of $600.0M target | 10 | $59.1M | EquityRule 506(b) | Form D ↗ |
First sale is the date the first investor in the offering committed to invest. Companies must file Form D within 15 days of that date, so filing dates run later.
Rounds announced by Angle Health
What the company said publicly about its funding. Announced amounts can differ from Form D figures: an announcement can combine several closings, and some money is raised without a Form D.
| Announced | Round | Amount | Investors | Source |
|---|---|---|---|---|
| Sep 18, 2026 | Series C | $600 million equity financing at a $2.7 billion valuation ($200 million Series C and $400 million tender offer) | Vitruvian Partners (lead), Town Hall Ventures, Blumberg Capital, Portage Ventures, PruVen Capital, Y Combinator | Angle Health press release ↗ |
| Dec 3, 2025 | Series B | $134 million | Angle Health newsroom ↗ | |
| Jan 25, 2023 | Funding round | $58 million | SiliconANGLE ↗ Angle Health post ↗ |
Why Investors Backed Angle Health
Angle Health sells level-funded health plans to employers and runs the plan end to end on its own platform. In September 2026 it announced a $600 million equity financing at a $2.7 billion valuation. The deal had a $200 million Series C and a $400 million tender offer. Vitruvian Partners led it.
The problem it targets
Angle's view is that employers face the largest rise in health insurance costs in two decades. In its view, small and midsize businesses are hit hardest, with options that are costly, confusing or simply unaffordable. Chief executive officer Ty Wang said small businesses employ tens of millions of Americans but have had the fewest coverage options and almost no control over costs.
What the product does
Angle's Benefit Builder lets brokers generate firm, underwritten quotes in minutes and customize plans in real time. Brokers can also use a Health Scorecard. Members have a dedicated care team that helps them understand their benefits. Angle has launched care programs with partners for high-cost medications, infusions, outpatient surgery and radiology. In January 2026 it also announced a partnership with Leap Health on infusion care.
Progress so far
The company grew 120% year over year and now has nearly $1 billion in annualized premium-equivalents. It reports four consecutive quarters of profit on both an EBITDA and a GAAP net income basis. Median renewal rate increases were 5 to 7 percent. Angle's comparison point is a median increase of 18% for small businesses. It announced a $134 million Series B on December 3, 2025, and a $58 million round in January 2023.
Who backs it
Vitruvian Partners led the round. Town Hall Ventures joined as a new investor. Existing investors Blumberg Capital, Portage Ventures, PruVen Capital and Y Combinator also took part. The release, dated September 18, 2026, said the round was expected to close later that month. Wang said Angle looked for a partner with deep expertise in healthcare, technology and financial services. Jeremy Gelber, a partner at Vitruvian, said the company's mix of technology, growth, retention and financial stability shows the team built something truly needed.
How the market is moving
Angle points to U.S. Bureau of Labor Statistics reports that small business employment growth has outpaced that of larger businesses. Its view is that the trend will speed up as AI lowers barriers to starting a business.
We wrote this summary from public statements by Angle Health and its investors. It is not investment advice.
Leadership Team
Executive officers and directors listed on Angle Health's Form D filed Oct 29, 2026.
