The Zero Card Secures $7 Million in New Funding to Enhance Healthcare Management Efficiency Through Data Processing Technology

VCBeat (WeChat ID: vcbeat) learned via Business Wire that on December 11, 2019, The Zero Card announced the completion of a new $7 million funding round. This round was initiated by Revolution’s Rest of Rest Seed Fund and led by the George Kaiser Family Foundation (GKFF).

It is reported that the new funding will be used to expand The Zero Card into new business markets and further strengthen its executive team by scaling up the engineering and analytics teams, as well as bolstering the sales and customer management teams. Additionally, as part of the investment, Robert Thomas, Chief Investment Officer of GKFF, will join the board of directors of The Zero Card.

The Zero Card, founded in 2016 and headquartered in Tulsa, Oklahoma, USA, is dedicated to building a data-driven healthcare system that simplifies patient payment and medical management processes, thereby improving operational efficiency and reducing costs for customers. Statistics indicate that at least 25% of healthcare expenditures in the United States are unnecessary.

The Zero Card is a supplemental program designed to work alongside existing self-funded medical plans, making it easier for employees of corporate employer clients and their families to access high-value healthcare providers. The Zero Card partners with mid-market and corporate employers to connect clients with doctors and hospitals in the healthcare market, matching them with appropriate healthcare professionals based on cost, quality, and convenience, where market conditions permit. This bundled payment contract locks in fair market prices, thereby helping clients save up to 50% on out-of-pocket medical expenses.

The Zero Card offers a novel healthcare model that enables corporate employers responsible for employee medical expenses to reduce unexpected healthcare costs by up to 50%, while enhancing employee benefits packages by providing free, high-quality, cost-effective care. Employees can still access care through traditional health plan channels; however, when they choose to use The Zero Card, employers can significantly lower costs, and employees can receive care at no out-of-pocket expense.

Jim Millaway, Co-founder and CEO of The Zero Card, stated, “The support from GKFF and Revolution’s Rest of Rest Seed Fund further validates the value of our model and approach—significantly reducing healthcare costs for employers. This funding will enable us to work harder to provide simple, transparent, and accessible solutions to a market in urgent need of smart alternatives.”

Anna Mason, Partner at Rest of Rest Seed Fund, stated, “The intersection of data and technology has brought about profound changes in the operations and delivery of the healthcare industry. The Zero Card team is deeply rooted in healthcare economics and possesses a profound understanding of self-funded health plans as well as the dynamics between employers and employees. We are proud to support them as they disrupt this long-established industry.”

GKFF Chief Investment Officer Robert Thomas stated, “Our goal is to invest in valuable companies that can generate significant impact. The Zero Card has successfully leveraged real-world data for analysis and provided better healthcare products to its customers and plan members. The early success of The Zero Card demonstrates that customers are ready to adopt innovative solutions to reduce their healthcare costs.”

GKFF, based in Tulsa, Oklahoma, is a charitable organization dedicated to helping children from low-income families and communities access high-quality education and healthcare services. The foundation currently holds a diversified investment portfolio valued at $4 million.

Rest of Rest Seed Fund, headquartered in Washington, D.C., is part of the Revolution fund family, which also includes Revolution Growth and Revolution Ventures. Rest of Rest Seed Fund is an investment firm dedicated to investing in early-stage, high-growth companies across the United States.

(Compiled by Jiang Ying)