Revenue
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Dec 2021 | Series C | US$95M | US$945M | TDM Growth Partners and Workday Ventures (leads) | Goodmans |
| Jul 2018 | Equity round | C$62M | Not disclosed | TELUS Ventures (lead); Wittington Ventures | BioSpace |
Investors
Overview
League builds the technology that health insurers, healthcare providers and employers use to give people a personalised digital health experience: an app where members can see their coverage, find care, manage benefits and get health guidance. League itself mostly stays behind the scenes. It provides a platform that large organisations brand as their own.
Mike Serbinis founded League in Toronto, launching it in 2015. He previously co-founded Kobo, the e-reader company. League's business model has changed several times. It began as a wellness marketplace, moved into employer health spending accounts, and then shifted to its current platform model selling to large healthcare organisations.
Funding history
July 2018: C$62 million led by TELUS Ventures, the investment arm of the Canadian telecom company, with Wittington Ventures, the Weston family's venture firm, also participating. TELUS has a large health business of its own, so this was a strategic investment as much as a financial one.
December 2021: a US$95 million Series C led by Australia's TDM Growth Partners and Workday's venture arm, valuing League at US$945 million according to law firm Goodmans, which worked on the deal. Some data trackers list a higher valuation for the same round. We use the figure from the deal record. The round brought in an enterprise software strategic, Workday, alongside a growth investor.
The Globe and Mail later reported that League raised further money from existing backers in a tougher funding market, along with a bank facility, and that the company said break-even was in sight. We haven't been able to confirm all of the terms from a primary source, so they aren't in the table above.
Revenue: what's public
League hasn't published its revenue. Its contracts are with large insurers and healthcare organisations, typically multi-year platform agreements, so revenue tends to be concentrated in a relatively small number of big customers. That's worth knowing when you assess any health platform company: a few contracts can make a big difference to growth.
Why League is an interesting case
League shows how strategic investors shape a company. TELUS brought health-sector relationships in Canada, Workday brought links to employer HR and benefits systems, and Wittington brought a family investor with a long time horizon. Each fits a different stage of League's evolving business model. Our guide to finding a company's investors explains how to read investor lists for clues like these.
What this means if you're…
Selling to League: a platform company serving regulated healthcare clients needs strong security, privacy compliance, integration and data tooling.
A healthcare organisation: League competes with building in-house and with other digital health platform vendors. Ask for references from organisations similar in size and regulatory environment.
Researching health tech: League's pivots are a useful reminder to look at a company's current business model, not just its funding history. See how to research a private company.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What is League's valuation?
League was valued at US$945 million as of December 2021, according to Goodmans. Private company valuations are set at funding rounds and can change significantly between them.
How much revenue does League make?
League is a private company and has not publicly disclosed its revenue. Estimates published by third-party sites are modelled, not reported by the company.
Who are League's investors?
Investors named in public announcements include TDM Growth Partners, Workday Ventures, TELUS Ventures and Wittington Ventures.
When was League founded and where is it based?
League was founded in 2015 and is headquartered in Toronto, Ontario, Canada.