Bind Benefits Lands $105M Raise
Minneapolis-based health insurance startup Bind Benefits Inc. on Wednesday announced that it has secured a $105 million investment partially backed by United Health Group.
Bind, which previously only offered “on-demand” health insurance, stepped into the fully-insured health plan market late last month. The company aims to use proceeds from the latest raise to fast-track “growth and expansion” related to its new health plan.
Bind has already launched its health plan in Florida, and is seeking approval to sell the plan in Ohio, Texas, Virginia, and Wisconsin. By the end of 2021, the company aims to sell its fully-insured plan in at least 30 additional states.
To date, the company has raised nearly $250 million. Ascension Health, the venture capital arm of the St. Louis-based Ascension health system, was another early investor in Bind.
“To break the cost curve for both employers and employees, we went all-in on building a health plan that provides the tools needed to see cost and quality comparisons, as well as treatment path options across conditions,” said Bind CEO Tony Miller. “And we removed unnecessary affordability barriers, like deductibles and coinsurance.”
Before launching its own health insurance plan, Bind counted a number of big-name companies among its “on-demand” customer base, including Best Buy, Medtronic, and Culligan.
So far in 2020, health startups in Minnesota have had a banner year. Last week, med-tech trade group Medical Alley Association reported that Minnesota health startups have already raised more than $1 billion in the first three quarters of the year.