Funding profile · Consumer health finance

Lively

Three Form D filings, $117.07 million sold, and nothing on file since October 2021. The custodial standing is a public record; the asset totals are the company’s own.

$117.1MSold across three Form D filings, 2018 to 2021
$80.0MSeries C, sold in full at the October 2021 filing, 13 investors
$2.0BHSA assets on platform, company-reported May 2025
4 yrs 11 moSince the last Form D, filed Oct 25, 2021

Data as of September 22, 2026. Company-reported figures are labeled.

Rounds at a glance

When Round Amount Investors Source
2016 Incorporated in Delaware as HealtheeSavings, Inc. Not disclosed Not disclosed Form D
Winter 2017 Y Combinator batch Not disclosed Y Combinator YC directory
Before Oct 2018 Seed, no Form D on file About $5M implied by later totals Y Combinator and others, not itemised Inferred
Oct to Nov 2018 Equity offering $15,187,402 sold, offering fully taken up 51 investors Form D
Oct 2019 Series B $27M announced; $21,883,418 sold at filing Costanoa Ventures led; Ally Ventures, Liquid 2, PJC, Teamworthy, Streamlined, Y Combinator Form D and release
Sep to Oct 2021 Series C $79,999,942 sold, offering fully taken up B Capital Group led; Telstra Ventures, Costanoa Ventures Form D and release
Since Oct 2021 No new offering filed Nil on record Nil on record SEC EDGAR

What the filings show

Lively, Inc. · Form D · filed Oct 25, 2021

First sale
Sep 3, 2021
Offered
$79,999,942 equity
Sold
$79,999,942 · nil remaining
Investors
13 · average about $6,153,842
Exemption
Rule 506(b)
Related persons
Alex Cyriac (executive officer, director); Shobin Uralil (executive officer, director); Mark Selcow (director); Robert Mittendorf (director)
Filing
SEC EDGAR, CIK 0001758834

Lively, Inc. · Form D · filed Oct 18, 2019

First sale
Oct 8, 2019
Offered
$27,008,365 equity
Sold
$21,883,418 · $5,124,947 remaining
Investors
17 · average about $1,287,260
Exemption
Rule 506(b)
Related persons
Alex Cyriac (executive officer, director); Shobin Uralil (executive officer, director); Mark Selcow (director)
Filing
SEC EDGAR, CIK 0001758834

Lively, Inc. · Form D · filed Nov 13, 2018

First sale
Oct 22, 2018
Offered
$15,187,402 equity
Sold
$15,187,402 · nil remaining
Investors
51 · average about $297,792
Exemption
Rule 506(b)
Previous name
HealtheeSavings, Inc.
Signed by
Alex Cyriac, Chief Executive Officer
Filing
SEC EDGAR, CIK 0001758834

Reading the filings

  1. The cheque size grew about fourfold each round while the investor count shrank.2018: $15,187,402 across 51 investors, about $297,792 each. 2019: $21,883,418 across 17, about $1.29 million each. 2021: $79,999,942 across 13, about $6.15 million each. An angel and micro-fund list gives way to a handful of institutions writing lead-sized cheques.
  2. The Series B was announced at a number it had not reached.The October 2019 coverage says $27 million. The Form D filed the same week reports $27,008,365 offered and $21,883,418 sold, leaving $5,124,947 outstanding. No amendment was ever filed, so the public record never confirms the announced figure.
  3. The Series C, by contrast, closed to the dollar.$79,999,942 offered, $79,999,942 sold, $58 short of a round $80 million. That is an offering sized to what was already committed, not a target being tested.
  4. About $5 million of the reported total predates the filing record.The three Form D filings add to $117,070,762. The company said more than $120 million in October 2021 and CB Insights lists $122.32 million. A 2019 report put the total after the Series B at more than $40 million, against $37,070,820 then on file. The seed money raised around the 2017 Y Combinator batch has no Form D, which is ordinary for offerings made under Section 4(a)(2).
  5. The board stayed small and one seat tracks the lead investor.Mark Selcow appears on all three filings. Robert Mittendorf is added in 2021, matching Robert Mittendorff MD of B Capital Group, named in that month’s release as the partner behind the round. Costanoa led the Series B, but no Costanoa director is listed on the 2019 filing.
  6. Five years of silence on EDGAR.Nothing has been filed under CIK 0001758834 since October 25, 2021. That fits a company funding itself from operations, or rounds structured outside Regulation D. Either way the newest filed view of the capital stack is five years old.

Commercial signals

Signal Detail Source type
Fiduciary standing Approved IRS nonbank trustee since Mar 22, 2021, still listed Apr 1, 2026. Public record
Deposit structure Lively holds no deposits. Partner banks and credit unions hold the cash and keep interchange, fee revenue and net interest margin. Card issued by Choice Financial Group under a Visa licence. Company-stated
Bank channel BMO sells an HSA delivered by Lively and discloses that Lively provides it. Partner-stated
Scale $2 billion on platform (May 2025) against a Devenir market of nearly $174 billion at year-end 2025. Devenir
Revenue growth Inc. 5000 No. 148 in 2024 on 2,380 percent three year growth, No. 327 in 2025 on 1,204 percent. Independent
Fee model Free to individuals. $0 per employee per month for employers subject to a $200 monthly minimum. $24 annual investment access fee when the cash balance is under $3,000. Company-stated
Rating claim Lively cites Morningstar’s 2024 HSA Landscape. Morningstar’s 2025 summary names Fidelity as the only provider with a high overall assessment. Differs from the rater

What to watch

  • A fourth Form D, or an amendment to the 2019 filing that would settle the $27 million question.
  • Any filing tied to a secondary, a recapitalisation or a sale, none of which appear on EDGAR to date.
  • Uptake of HSA Boost, which moves balances out of insured deposits into a group annuity contract and changes the economics for Lively and its bank partners.
  • The next asset milestone. Two years passed between $1 billion and $2 billion.

The Lively story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Numerion Labs: Shared investor: B Capital. Formerly Atomwise
  • Onederful: Shared investor: Independent Capital. A tiny company wired dental software straight into hundreds of insurance carriers, then sold to the clearinghouse Vyne in December 2021
  • BloomAPI: Shared investor: Liquid 2. A Y Combinator company that set out to end the medical records fax, then quietly turned into a HIPAA texting app
  • H1: Shared investor: Liquid 2. A New York company that keeps a profile of roughly every doctor on earth and sells it to pharma, health insurers and now AI developers

Sources

  1. Public recordForm D, Lively, Inc., $79,999,942 sold, 13 investorsSEC · Oct 25, 2021
  2. Public recordForm D, Lively, Inc., $21,883,418 sold of $27,008,365SEC · Oct 18, 2019
  3. Public recordForm D, Lively, Inc., previous name HealtheeSavings, Inc.SEC · Nov 13, 2018
  4. Public recordNonbank Trustees Approved as of April 1, 2026IRS · Apr 1, 2026
  5. IndependentLively Secures $27M in Series B FundingFinSMEs · Oct 16, 2019
  6. IndependentLively company record, total raised $122.32MCB Insights · accessed Sep 22, 2026
  7. Independent2025 Year-End Devenir HSA Research ReportDevenir · 2026
  8. IndependentThe 2025 HSA Report: Uncovering the Best Investment ProvidersMorningstar · 2025
  9. CompanyLively Raises $80 Million Series C to Make HSAs the Next 401(k)Business Wire · Oct 13, 2021
  10. CompanyLively announces $2 billion in assetsBusiness Wire · May 14, 2025
  11. CompanyWhat is the standard interest rate for a Lively HSALively support centre · 2025
  12. PartnerHealth Savings Account, delivered by LivelyBMO · accessed Sep 22, 2026

Compiled from SEC, IRS and other public records and published reports as of September 22, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date and may not capture later sales. Healthcare Venture Capital Fund holds no position in Lively, Inc. This page is not an offer to sell or a recommendation to buy any security.