HealthCare.com, an online health insurance solutions provider, on Thursday announced that it has secured $18 million in Series B funding. To date, the Miami-based tech company has raised $27 million.
Second Alpha Partners, a New York-based private equity firm, led the round, which also included AXIS Capital and CNO Financial Group.
The financing will be used to grow HealthCare.com as the nation’s leading source helping consumers compare and enroll in health insurance and Medicare plans, said Jose Vargas, co-founder and president of the Miami-based tech company. The capital will fund technology, engineering and data-science investments, expand consumer experience solutions and accelerate the development and marketing of its proprietary insurance products.
HealthCare.com was founded in 2014 and is led by a team of technology and insurance industry veterans including co-founders Howard Yeh, Jeff Smedsrud and Vargas. HealthCare.com not only provides a shopping platform to help Americans enroll in individual health insurance and Medicare plans, but it also develops and markets a portfolio of proprietary, direct-to-consumer health insurance and supplemental insurance products under the name Pivot Health. It is also backed by PeopleFund, co-founded by Vargas, and investors including Jeff Boyd, chairman of Booking Holdings and former CEO of Priceline.
“We recognize the massive opportunity and are committed to help consumers deal with the increasing complexities and costs of health insurance,” said Vargas, a serial entrepreneur who has founded, grown and sold other companies with online platforms.
The company, which has been ranked on the Inc 5000 Fastest Growing Companies four times, employs 70, including 12 in South Florida.
“Second Alpha is pleased to back HealthCare.com and its entire team, who have demonstrated market leadership and momentum while building a sustainable and profitable InsurTech company,” said Jim Sanger, managing partner of Second Alpha Partners. “Applying technology and data to help consumers navigate and enroll in the best health insurance or Medicare plan is a massive and exciting opportunity.”
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