Pharmacy chains, insurers and employers use the Toronto-based company’s software to offer health services to their customers or staff. Workday Ventures, the investment arm of the U.S. HR tech firm, also participated in the round. BetaKit first reported League had raised new financing in December 2021, although it put the sum at US$70 million. (The Logic)

Talking point: League’s current business model is at least its third, after launching in 2015 as a wellness marketplace, then pivoting to let employers offer spending accounts as an alternative to traditional benefits. In October 2020, it rolled out an app with Loblaw’s Shoppers Drug Mart that gives users reward points for meeting health goals, a model CEO Mike Serbinis said the firm would expand to other major providers in the sector. At the time, he told The Logic he had no plans to take League public. But that’s one of Sydney-based TDM’s specialties; its most recent portfolio IPO was Allbirds, and it previously backed Slack and Twilio ahead of their listings. The new financing reportedly values League at US$945 million, making it a Canadian unicorn.