Gravie, a Minneapolis, MN-based provider of a platform for employers to transition their employees to the individual health insurance market, raised $12.5m in Series B round of funding.
The round was led by new investor Split Rock Partners, with existing investors Aberdare Ventures and FirstMark Capital. In conjunction with the funding, Split Rock Partners Managing Director Michael Gorman, will join Gravie’s Board of Directors.
The company, which had previously raised $10.5m in Series A round, intends to use the funds to expand operations and adoption of its platform and services.
Founded in 2013 by Abir Sen, CEO, Gravie provides employers with a platform that allows employees to select and buy insurance coverage. Gravie helps employees pick a plan, identifies and pursues tax credit eligibility on behalf of them, manages employer contributions, and provides an integrated online and mobile platform for people to manage their healthcare.
The platform is licensed in all 50 states and currently offers products from over 350 insurers.
Gravie Receives An Additional $12.5M in Funding to Meet Growing Demand
MINNEAPOLIS, April 21, 2015 /PRNewswire/ — Gravie announced today that it has raised a $12.5M Series B round of funding, led by new investor Split Rock Partners, with existing investors Aberdare Ventures and FirstMark Capital also participating. The company had previously raised $10.5M in Series A funding, and the new infusion of capital will help Gravie keep pace with the high demand for its platform and services that help employers transition their employees to the individual health insurance market.
Gravie helps organizations make the shift from group to individual coverage by making available a state’s entire insurance marketplace, including offerings in the private market as well as public exchanges. Gravie then helps employees pick a plan that works best for them, identifies and pursues tax credit eligibility on behalf of employees, manages employer contributions, and provides an integrated online and mobile platform for people to manage their healthcare in one spot. Gravie also offers ongoing concierge support to its members, and takes away most of the headaches of managing health insurance. Gravie is licensed in all 50 states and currently offers products from over 350 insurers.
Split Rock Partners Managing Director Michael Gorman, who will also join Gravie’s Board of Directors, says the firm was eager to partner with Gravie, because he believes it best represents the next generation of health benefits. “Gravie’s experience over the past year has validated that consumers and employers are ready to embrace a new era of health benefits characterized by choice and personalization. The Gravie team has identified the marketplace need, devised a compelling solution and executed with focus,” Gorman said. “The market has clearly responded, and we are excited to help Gravie increase its scale and deepen its tools, so it can meet the demands of rapid growth and consumer demand.”
“We’re thrilled to welcome Split Rock Partners to the Gravie team and to have Michael on our Board,” Abir Sen, Gravie Co-Founder and CEO, said. “Michael’s experience and background will enhance our team’s ability to continue to improve the way employers offer benefits to their employees.
Gravie is committed to creating insurance independence by bringing smart solutions that help consumers and employers maximize the new insurance marketplace. Gravie takes the administrative work away from employers and helps consumers select and buy insurance coverage, providing ongoing customer support, trouble-shooting with health plans, and management of all things health-related in one spot on one customized platform. Gravie was founded in 2013 and is headquartered in Minneapolis. For more information, go to www.gravie.com.
About Split Rock Partners:
Split Rock Partners, with offices in Minneapolis and San Francisco, invests in leading software and Internet services companies. Since 2005, Split Rock has raised $575 million over two funds. Split Rock supports exceptional teams across all stages of company development with flexible capital spanning both primary and secondary investments. Representative companies backed by Split Rock’s team include Acquia, Black Duck Software, BlueKai, Code42, Compete, Demandbase, eBureau, HireRight, InsideView, Intacct, Janrain, LowerMyBills, MyNewPlace, QuinStreet, Snagajob, SPS Commerce and Vormetric. Additional information about the firm can be found at www.splitrock.com.