Decent, an Austin, Texas-based insurance startup creating affordable health plans for small businesses and self-employed professionals, received $10m in Series A funding.
The round was led by QED Investors. New investors included Vulcan Capital, Santander InnoVentures, Asset Management Ventures, Future Positive, Work Life Ventures, the Airbnb syndicate AirAngels, and Unpopular Ventures. They joined existing investors Foundation Capital, Core Innovation Capital, Sure Ventures, Healthy Ventures, Meridian Street Capital, Precursor Ventures, Maverick Ventures, Necessary Ventures, and Digital Currency Group.
The company, which has raised more than $18m since it launched two years ago, intends to use the funds to expand throughout Texas, creating affordable health plans for individuals as well as small businesses.
Led by Nick Soman, CEO and cofounder, Decent initially created health plans for self-employed workers in Austin, Texas, with its partner, the Texas Freelance Association, working with independent Direct Primary Care (DPC) doctors and partners including AXA, HCA Healthcare, Medlion, Hint, and Costco Health Solutions. As part of its expansion, it will now serve small businesses, starting with those in the technology industry. This allows technology companies or those companies that primarily service technology companies the opportunity to purchase comprehensive health plans.
All of Decent’s plans are Affordable Care Act (ACA)-compliant and built around convenient, free primary care. Members may select a Direct Primary Care physician, which allows them to receive unlimited and free access to same-day appointments with a local doctor, or they may choose a virtual Direct Primary Care doctor. The “virtual health plan” offers extra savings for those who prefer connecting to their dedicated primary care doctor via a smartphone or computer.