AAA Axa helps pour $28m into Gravie

Axa helps pour $28m into Gravie

Insurance firm Axa led a $28m series D round for health benefits provider Gravie yesterday through strategic investment arm Axa Venture Partners.

FirstMark Capital, Split Rock Ventures and Revelation Partners also participated in the round, which lifted the company’s overall funding to at least $75m.

Gravie offers a zero deductible, zero co-pay health insurance plan that covers common healthcare services at a cost it claims compares to those of most traditional group health plans. It last disclosed funding in 2018 when it raised $3.4m from unnamed investors, according to a regulatory filing.

GE Ventures, the since shuttered corporate venturing arm of power and industrial technology conglomerate General Electric, had led a $14.1m series C round the year before that included FirstMark Capital, Aberdare Ventures and Split Rock Partners.

Insurance and financial services group Securian invested $1m in Gravie in 2016, following earlier funding from FirstMark Capital, Split Rock Partners and Aberdare Ventures, while Revelation Partners was also described as an existing investor in the latest round.

By Robert Lavine

Robert Lavine is special features editor for Global Venturing.