Optimizing Benefits Selection

We’re happy to announce that our portfolio company Nayya has successfully raised an $11M Series A led by Felicis Ventures. Victoria Treyger has joined the Nayya board.

We first invested in Nayya in June of 2020, just a short seven months ago.  I was fortunate enough to see founder and CEO Sina Chehrazi present at a virtual demo.  Of the 13 presenting companies, Nayya was the only one that I reached out to, in part because of Sina’s authentic pitch and in part because the problem truly resonated with me.

I’ve been fortunate enough to have good to great benefits throughout my career.  Probably closer to good while running startups and great at companies like Aol and Salesforce.  Regardless, I know that choosing benefits was always daunting. What kind of plan do I need?  How does it compare to the other options?  What’s the cost/benefit analysis?  No matter what I chose over the years, I’m fairly certain that I both overpaid and underused.

Nayya is an enterprise insurance benefits experience and management platform. Nayya uses AI and data science to personalize the way that employees choose and use their benefits. Through linking 3.5 billion consumer data points, Nayya's platform ensures that the millions of Americans who finance their health related expenses are provided support, guidance, and clarity -- resulting in an 80% reduction in HR related questions at open enrollment. The rest of the year, Nayya drives over $1,000 in out-of-pocket savings, by optimizing prescription drug locations, automating claims, and guides consumers through their HSAs.

Nayya was co-founded by CEO Sina Chehrazi and CTO Akash Magoon.  Although I’ve spent countless hours on calls and Zooms with both founders, I have yet to meet them in person.  In all of my interactions with both founders, I’ve found them to be humble, curious, energetic and genuine. They are driven by a desire to improve health outcomes (similar to other Social Leverage healthcare portfolio companies 1Up and Robin Healthcare) by enabling employees to choose the best possible benefit plans at the lowest cost.  The benefit of doing so, also invariably improves outcomes for the other four constituents in the ecosystem as well; employers, benefit admins, brokers and carriers.

Sina and Akash are the types of founders that we love backing.  We’re extremely proud to be an early supporter of their goals at Nayya and we’re very much excited by what the team will be able to accomplish with this fundraise.