Toronto-based League, Inc. secures US$95-million funding led by global backers

League, Inc., (“League”) led by serial entrepreneur, Mike Serbinis, has raised US$95-million, led by Australia’s TDM Growth Partners and the venture arm of Workday, Inc. This series C round values the company at US$945-million. Mr. Serbinis started League, in 2014 after successfully exiting two businesses. He sold the e-reader maker, Kobo Inc, in 2012 for US$315-million and his internet based document sharing start-up, DocSpace, for US$500 million in 2000. 

It has been an eight year journey for Mr. Serbinis and League. The company has undertaken numerous strategic shifts to become the digital health care giant it is today. The company started as an online platform that would connect consumers with thousands of health professionals and then proceeded to shift to a platform model whereby employers could offer their employees a more flexible way to spend their benefits. 

The latest round of financing is in connection with the company’s latest strategic shift, which Mr. Sebinis dubbed, the “Eureka Moment”. The Company is now focusing on becoming the platform by which large consumer facing organizations such as pharmacies and insurers are able to offer a range of health care services in one place to their customers. The first company to use the platform for this purpose was Shoppers Drug Mart through its new app, PC Health. This was followed by U.S Health Insurance giant Humana Inc., which stated that the platform allows Humana to “bring what is a fragmented member experience into a seamless and singular interface.” 

This financing is in connection with a string of signed but mostly unannounced deals, which we will be following intently.