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End-of-day quote. End-of-day quote Japan Exchange - 06/14
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Canadian health insurance startup League raises $25 million

06/14/2016 | 09:57am EDT

TORONTO (Reuters) - Canadian health insurance startup League Inc has raised $25 million in early-stage funding from backers including the country's biggest bank, according to its chief executive and co-founder.

Mike Serbinis, who also ran e-book company Kobo before it was sold to Rakuten Inc (>> Rakuten Inc) for $315 million in 2011, said League plans to launch its own insurance products in the next few months as it expands across Canada and in the U.S. Pacific coast states of Washington, Oregon and California.

The company, which is also targeting New York, Dallas and Boston this year, sells software that helps employers manage employee benefits, with the aim of cutting costs and reducing paperwork.

Serbinis said the initial focus is on small businesses, many of which do not currently offer health benefits to employees. While traditional health insurance claims might cost dollars or tens of dollars to process, "it costs us less than a penny," he said.

"Insurance is just another commodity waiting to be Uber'd," he added in a phone interview, referring to the ride-hailing app that has played havoc with the traditional taxi industry.

The series A financing round was led by OMERS Ventures and included investments from Canada's largest bank Royal Bank of Canada (>> Royal Bank of Canada), Manulife Financial Corp (>> Manulife Financial Corp.), and Power Financial Corp (>> Power Financial Corp), as well as Mike Lazaridis' Infinite Potential Technologies, League said in a statement.

League and its backers did not disclose the size of the stake or what value it puts on the company.

The cash injection is one of the biggest ever series A raises for a Canadian life sciences company, according to Thomson Reuters data.

Venture capital investment in the Canadian life sciences arena has been growing steadily for several years, with some C$312 million ($243.73 million) invested so far this year, not including the League announcement, compared to C$175 million from the same time a year ago.

It is already the best first half for this type of investment in Canadian life sciences companies since 2007, when companies secured C$376 million in the first six months.

($1 = 1.2801 Canadian dollars)

(Reporting by Alastair Sharp; editing by Diane Craft)

By Alastair Sharp

ę Reuters 2016
Stocks mentioned in the article
ChangeLast1st jan.
BEST INC. -1.14% 1.305 Delayed Quote.-35.29%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.20% 0.8231 Delayed Quote.4.73%
FIRST FINANCIAL CORPORATION -0.87% 44.21 Delayed Quote.14.80%
MANULIFE FINANCIAL CORPORATION -0.69% 24.56 Delayed Quote.9.23%
POWER CORPORATION OF CANADA -0.95% 39.5 Delayed Quote.36.40%
POWER FINANCIAL CORPORATION 0.00%End-of-day quote.3.92%
RAKUTEN GROUP, INC. 0.69% 1308 End-of-day quote.31.59%
ROYAL BANK OF CANADA 0.17% 126.29 Delayed Quote.20.57%
US DOLLAR / CANADIAN DOLLAR (USD/CAD) -0.15% 1.21404 Delayed Quote.-4.51%
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Sales 2021 1 635 B 14 862 M 14 862 M
Net income 2021 -143 089 M -1 301 M -1 301 M
Net cash 2021 719 B 6 533 M 6 533 M
P/E ratio 2021 -13,1x
Yield 2021 0,34%
Capitalization 2 062 B 18 746 M 18 740 M
EV / Sales 2021 0,82x
EV / Sales 2022 0,79x
Nbr of Employees 23 841
Free-Float 56,1%
Duration : Period :
Rakuten Group, Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends RAKUTEN GROUP, INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 1 477,25 JPY
Last Close Price 1 308,00 JPY
Spread / Highest target 168%
Spread / Average Target 12,9%
Spread / Lowest Target -32,7%
EPS Revisions
Managers and Directors
Hiroshi Mikitani Chairman, President & Chief Executive Officer
Kenji Hirose Chief Financial Officer & Executive Vice President
Yasufumi Hirai Chief Information & Information Security Officer
Tareq Amin Chief Technology Officer & Executive VP
Ken Kutaragi Independent Outside Director
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