HealthCare.com Secures $18 Million Series B Funding to Expand Health Insurance Technology and Product Offerings

VCBeat (WeChat ID: vcbeat) has learned that on November 7, 2019, online healthcare company HealthCare.com announced the completion of an $18 million Series B financing round. The round was led by Second Alpha Partners, a firm specializing in technology-driven companies, with other strategic participants including AXIS Capital and CNO Financial Group.

It is reported that HealthCare.com is the fastest-growing leader in technology-driven health insurance solutions. Following this round of financing, the company’s total funds raised have exceeded $27 million. HealthCare.com will use these funds to advance its capabilities in technology, engineering, and data science, expand its consumer experience solutions, and accelerate the development and marketing of its proprietary insurance products.

HealthCare.com is an online health insurance company founded in 2014 and led by technology and insurance industry veterans, including co-founders Howard Yeh, Jeff Smedsrud, and Jose Vargas. HealthCare.com provides a data-driven shopping platform that helps U.S. consumers enroll in individual health insurance and Medicare plans. Additionally, under the name Pivot Health, HealthCare.com develops and markets a suite of proprietary, direct-to-consumer health insurance and supplemental insurance products.

Jose Vargas, Co-founder and President of HealthCare.com, stated, “We recognize this significant opportunity and are committed to helping consumers navigate the rising costs of health insurance. We are delighted and honored to have the support of investors who share our values and mission. With their assistance, we will become pioneers in online healthcare technology, empowering consumers to engage with health insurance or Medicare plans through informed comparison.”

Jim Sanger, Managing Partner at Second Alpha Partners, stated, “Second Alpha Partners is delighted to support HealthCare.com and its entire team, as they have demonstrated market leadership and future growth momentum while building a sustainable and profitable insurtech company. Leveraging technology and data to help consumers navigate and enroll in the best health insurance and Medicare plans represents a significant and exciting opportunity.”

Second Alpha Partners, founded in 2012, is a value-oriented private equity firm focused on companies at the mature venture stage, growth equity investments, and mid-market companies with strong future growth prospects. Second Alpha seeks to acquire full or partial equity stakes from existing investors and founders, primarily targeting companies in North America within the technology, media, telecommunications, and tech-enabled services sectors.

As a wholly-owned subsidiary of Axis Bank, one of India’s largest private sector banks, Axis Capital is among India’s leading financial experts, dedicated exclusively to providing focused and tailored solutions in investment banking and institutional equities. Axis Capital delivers financial services to investors, corporations, and government entities across equity capital markets, mergers and acquisitions, private equity, structured finance, and institutional equities.

CNO Financial Group (NYSE: CNO) is a holding company for an insurance group operating in the United States, dedicated to the development, marketing, and management of health insurance.

(Compiled by Xiong Hui)