HealthCare.com® Raises $ 180 Million in Oversubscribed Funding Round Led by Oaktree
NEW YORK & MIAMI – (COMMERCIAL THREAD) –HealthCare.com, a leading data-driven insurance platform, today announced it has closed $ 130 million in senior non-convertible preferred shares and over $ 50 million in Series C preferred shares in in connection with an oversubscribed round led by funds managed by Oaktree Capital Management, LP (“Oaktree”). Existing investors Axis Capital, Second Alpha and Link companies participated in the financing, just like the founders. With this new round of funding, the HealthCare.com team is committed to changing the relationship American consumers have with their healthcare, creating solutions that make it easier to find, choose, buy and use. health insurance and other health care products – in every life – step.
“We are delighted to partner with leading investors who recognize that HealthCare.com is positioned for its next phase of explosive growth,” said Don Loonam, CEO of HealthCare.com. “There is a crisis of costs, transparency and access due to the complexity and slowness of changes in health care and health insurance. The consumer is at the center of our offering, and our ultimate product is their end-to-end healthcare experience. We aim to create an iterative relationship with the consumer that will span decades, improving well-being throughout life. ”
Leveraging its in-depth data resources and AI algorithms, HealthCare.com connects individuals to an increasingly broad range of healthcare products, including its own proprietary insurance plans and customizable insurance product sets. Focusing on doing better for consumers, the data-driven platform includes easy-to-use multi-product shopping options in one transaction, as a result, the company is growing rapidly. Over the past year, the company has helped millions of people connect to a health product, and continued improvements in the consumer experience have resulted in a 97% increase in direct-to-consumer registrations in 2021.
“HealthCare.com is changing consumer behavior by disrupting US healthcare markets, creating new products and efficiencies with the goal of empowering consumers,” said Brian Laibow of Oaktree. “Oaktree is thrilled to partner with the HealthCare.com team to continue moving the business forward into its next phase of growth. ”
“We have partnered with HealthCare.com since 2016 and have witnessed the tremendous growth of the business over the past two years,” added Linda Ventresca of AXIS Capital. “The company’s ability to rapidly develop new proprietary insurance products and its innovative distribution model, along with its ability to scale rapidly with the use of technology, enables it to solve complex challenges in the ecosystem. health insurance. ”
The company plans to accelerate its investments in data science, product development and engineering and will also hire for several key positions as it strives to close the gap between the needs of healthcare consumers. and their access to the best options. HealthCare.com’s distributed workforce of more than 370 employees has grown by 130% since January 2021. The team is based in more than 15 states, as well as Guatemala, Thailand and the Netherlands. The original co-founders of HealthCare.com, including Jeff Smedsrud, Jose Vargas and Howard Yeh, all remain active in leadership roles within the company. Alongside the tour de table, Brian Laibow, Managing Director and North America Co-Head of Global Opportunities Strategy at Oaktree, and Linda Ventresca, Strategy Director of AXIS Capital, a leader in specialty insurance and global reinsurance, have joined HealthCare. com Board of Directors.
HealthCare.com is a digital healthcare platform connecting consumers, service providers and payers with the goal of bringing simplicity and transparency to an industry renowned for its complexity and opacity. HealthCare.com also develops and markets a portfolio of proprietary drug plan and insurance products aimed directly at consumers. Founded in 2014, the company is headquartered in New York City and Miami, Florida. For more information visit www.healthcare.com.