Insurance Shopping Startup Gravie Raises $3.4M
In its fifth round of fundraising since forming in 2013, health care-focused company Gravie Inc. just raised roughly $3.42 million.
The money came from 16 investors, according to the filing with the Securities and Exchange Commission, and the startup began raising money for the round on May 15.
Gravie, based in Minneapolis, helps individuals and businesses comparison shop for health care plans and provides members with “after-sale services,” including plan troubleshooting and ongoing insight into the process.
Last year, in its Series C fundraising effort, Gravie secured $14.1 million from at least 17 investors. Gravie founder and CEO Abir Sen told TCB at that time that the financiers were primarily from Minnesota.
Gravie’s goals with the 2017 funds raised were to boost product development, specifically in seven states: Illinois, Indiana, Florida, Texas, Ohio, Pennsylvania and California.
Gravie executives declined to comment on how it planned to spend the capital from its latest round.
As of mid-2017, Gravie employed 105 workers, although Sen told TCB the company planned to hire as many as 20 new employees by the end of the year. The job creation, Sen said, was to help serve Gravie’s growing list of customers which include over 900 employers and upwards of 62,000 individuals across the U.S.