Press Release: Gravie Secures $75 Million in Financing Led by Georgian
MINNEAPOLIS, MN (March 9, 2022) — Gravie, a leading health benefits company, announced today that it has raised $75 million in a Series E round of financing led by Georgian, a growth-stage investor based in Canada, with participation from existing investors FirstMark Capital, AXA Venture Partners, Split Rock Partners and Revelation Partners. The capital will be used to fuel Gravie’s continued growth through investments in all areas of the company including product and technology, sales and marketing, and expansion into new markets through new and existing distribution channels.
Since the company’s founding in 2013, Gravie has been on an accelerating growth trajectory as it designs innovative employer-sponsored benefits solutions that put employees’ needs at the center of the healthcare ecosystem. Its flagship product Comfort™ has revolutionized the traditional benefits model, providing a first-of-its-kind comprehensive health plan that eliminates copays and deductibles on most common healthcare services including primary and preventive care, mental health care, specialist visits, labs and imaging, generic prescriptions, online care, and more – all at a cost comparable to plans from legacy insurance carriers.
“Gravie is focused on rebuilding the consumer experience in healthcare from the bottom-up, and creating health benefits solutions that are sustainable long-term for employers,” said Abir Sen, co-founder and co-CEO of Gravie. “Georgian’s experience with relevant technologies, and the data and platform assets they bring to bear, will be instrumental as we build toward our vision for the future.”
Georgian, the fintech for growth-stage software companies, invests in high-growth technology companies with — among other criteria — great leadership and strong work culture. The company is committed to supporting causes that help more people access the benefits of technology and that mitigate negative societal impacts of tech. Unlike traditional venture capital companies, Georgian provides a platform of machine learning and AI tools to help its portfolio companies scale innovation and operations and deepen customer relationships.
“We are proud to partner with Gravie as they bring much-needed innovation to the health benefits industry,” said Tyson Baber, lead investor, Georgian. “The team’s ability to rapidly scale the business while maintaining attractive unit economics is impressive. We look forward to working with them to build an enduring company that will improve healthcare for all.”
Gravie has been and continues to be at the forefront of driving change and improving the healthcare industry by creating innovative employer-sponsored health benefit solutions that put consumers first. Comfort, Gravie’s flagship product, is the nation’s first-of-its-kind health plan that provides 100% coverage on most common healthcare services, at a cost comparable to traditional group health plans. Learn more about Gravie at www.gravie.com.
Georgian is building a platform to identify and accelerate the best growth-stage software companies. Georgian believes that a digital approach can provide a better growth capital experience for software company CEOs and their teams. Georgian invests in high-growth companies that harness the power of data and trust. Based in Toronto, Georgian’s team brings together software entrepreneurs, machine learning experts, experienced operators and investment professionals. Learn more about Georgian at www.georgian.io.
Via PR Newswire