XP Health

XP Health is a San Carlos, California-based company that provides a digital-first vision care benefit for employers, health plans and insurance carriers. Its full-replacement and dual-option vision programs are designed to replace or supplement traditional vision insurance, covering eye exams, prescription glasses, sunglasses and contact lenses. Members can renew prescriptions online in a few minutes, book in-person exams with providers in a network the company describes as covering 100,000+ eligible providers, and order eyewear that is shipped to their homes.

The product is delivered through a web platform and an iOS app operated by XP Health, Inc., which offers AI-based face scanning for frame recommendations, virtual try-on, home try-on of selected frames, prescription upload and management, benefit status, and concierge support by phone, email and chat. The company markets a catalog it describes as thousands of designer frames — 5,163 styles on its site, 1,500+ in the app listing, including brands such as Ray-Ban, Prada and Oakley — with doctor-recommended lens options (anti-glare, blue-light, polycarbonate) included at no extra cost and direct-from-warehouse pricing. XP Health states it removes intermediary markups through an integrated supply chain.

Implementation is positioned as largely turnkey, with plan design and eligibility setup, EDI feeds through benefits administration platforms and COBRA vendors, enrollment marketing materials, and ongoing utilization reporting. The company lists HITRUST, SOC 2, HIPAA and B Corp certifications.

Founding story

Co-founders Antonio Moraes and James Wong met while pursuing master's degrees at Stanford, where an entrepreneurship class led them to interview 120 people about their vision care needs and conclude the vision industry had seen little innovation in two decades. Moraes, who previously co-founded the Brazilian impact venture firm Vox Capital and co-produced the documentary "A New Capitalism," has said his own childhood experience of being teased for wearing thick prescription glasses in Brazil motivated him to rethink vision care delivery. The founders landed their first client after driving a box truck of ophthalmic equipment from the San Francisco Bay Area to an HR conference in Las Vegas.

Business model

XP Health sells employer-sponsored vision programs to businesses and distributes through insurance carriers and brokers; members access the benefit through their employer or health plan and purchase eyewear at plan pricing, with the company stating that 48% of employees spend $0 out of pocket.

Employer- and carrier-sponsored vision benefit programs, with eyewear supplied through the company's own integrated supply chain rather than third-party middlemen.

Traction

Reported growth from 30 business customers to more than 3,000 in roughly two years and vision programs covering more than 250,000 people as of September 2024; the CEO has cited growth from 10,000 members about three years earlier to over 400,000 members. The website cites 6,300 organizations served, an independent 2023 Validation Institute analysis showing average eyewear claims fell 69% from $212.86 to $65.37, 58% higher enrollment and 4.5x higher utilization versus traditional vision programs, an NPS above +60, and 90% provider GeoAccess. The iOS app holds a 4.9 rating across 304 ratings. Revenue was reported to have grown 9,300% since January 2021 as of the Series A announcement.

Latest developments

In September 2024 XP Health announced a $33.2 million Series B led by QED Investors, with proceeds directed toward R&D and generative AI product development, expanded production capacity targeting eventual service of 10 million members, and additional sales and marketing investment. The company subsequently announced Certified B Corporation status.