Collective Health Inc., a startup offering tech-savvy tools for managing health benefits, has raised a fresh infusion of investor cash as it seeks to win over more employers fed up with a fragmented, costly market.

The San Francisco-based company, founded in 2013, is betting that growing dissatisfaction with rising health-care costs will lure more firms to its technology, which lets employers cut through the tangle of different benefits they typically administer.

To tout its services, Collective Health on Wednesday published a manifesto positioning itself as a part of a "movement" to reshape health care, and has put up billboards on U.S. Route 101 near San Francisco designed to catch the eye of executives stewing over high costs while they sit in traffic. 

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