These days, it’s rare to hear of a startup founded in 2019, or one not focused on AI agents, raising a hefty Series C. But health insurance startup Angle Health announced Friday that it raised a $200 million Series C, alongside a $400 million tender offer, at a $2.7 billion valuation. The round was led by Vitruvian Partners with participation from Town Hall Ventures, Blumberg Capital, Portage Ventures, PruVen Capital, and Y Combinator. The tender offer allows employees to cash out some of their shares, the company told TechCrunch. It expects the round to close later this month.

Angle Health, a winter 2020 YC alum, helps small businesses obtain and manage what’s known as “level-funded health plans.” These are plans that land between fully insured and self-funded plans. In fully insured plans, the carrier takes all the risks; such plans are more expensive but costs are predictable. With self-funded plans, the company covers the expenses and costs can be unpredictable. With level-funded plans, businesses make predictable payments to carriers, are insured against higher-than-expected costs, and can potentially save money by getting a share of the surplus back if expenses stay low.

Angle says these plans can make health insurance more affordable for small businesses. It’s an AI-powered platform that helps small businesses choose and manage plans, integrating with payroll and HR systems. The startup says it serves over 5,000 businesses and is profitable.

By automating insurance management, Angle Health is showing how technology can streamline a notoriously complex sector. But it also raises questions: is tech really making things easier, or just more invisible?