HealthCare.com Raises $ 180 Million in Oversubscribed Funding Round
- HealthCare.com – a leading data-driven insurtech platform – recently announced the closing of $ 130 million of senior non-convertible preferred securities and over $ 50 million of Series C preferred shares as part of an oversubscribed cycle. These are the details.
HealthCare.com – a leading data-driven insurtech platform – recently announced the closing of $ 130 million in senior non-convertible preferred shares and over $ 50 million in Series C preferred shares in in an oversubscribed round led by funds managed by Oaktree Capital Management, LP Existing Investors Axis Capital, Second Alpha and Link Ventures participated in the financing, as did 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.
Using its in-depth data resources and AI algorithms, HealthCare.com connects individuals with an increasingly broad range of healthcare products, including its own proprietary insurance plans and packages of customizable insurance products. And 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.
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. And HealthCare.com’s distributed workforce of more than 370 employees has grown 130% since January 2021.
The team is based in more than 15 states, as well as Guatemala, Thailand and the Netherlands. And the original co-founders of HealthCare.com, including Jeff Smedsrud, Jose Vargas, and Howard Yeh, all remain active in leadership roles within the company. As part of 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 specialized insurance and of global reinsurance, have joined HealthCare. com Board of Directors.
âWe are delighted to partner with leading investors who recognize that HealthCare.com is positioned for its next phase of explosive growth. There is a crisis of costs, transparency and access due to the complexity and slow pace 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. “
– Don Loonam, CEO of HealthCare.com
âHealthCare.com is changing consumer behavior by disrupting US healthcare markets, creating new products and efficiencies with the goal of empowering consumers. Oaktree is excited to partner with the HealthCare.com team to continue moving the business forward into its next phase of growth.
– Brian Laibow from Oaktree
âWe have partnered with HealthCare.com since 2016 and have witnessed the tremendous growth of the business over the past two years. 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 of the company. ‘Health Insurance.
– Linda Ventresca of AXIS Capital