Bind, the US-based health insurance platform developer backed by healthcare provider UnitedHealthcare and multi-corporate venture capital firm Ascension Ventures, disclosed a $105m series B round yesterday.
The company has not confirmed how much of the funding it has already secured and did not reveal the identity of any participants in the round.
Founded in 2016 as Bind Benefits, Bind runs an online health insurance platform that lets users view the comparative details and costs of different treatment options.
News of the series B round comes after Bind announced its personalised health plan will be offered to employers with more than 50 workers on a fully-insured basis, beginning with those in the state of Florida.
The funding will support company growth as Bind looks to expand that fully-insured option to 30 states by the end of next year.
UnitedHealthcare and Ascension Ventures, which is backed by 13 health systems including Ascension Health, joined VC fund Lemhi Ventures in a $70m round for the company in mid-2018. It had received $2.5m in convertible note financing in 2017 according to a securities filing.
Ryan Schuler, managing director of Ascension Ventures said: “It has been rewarding to see Bind progress from an idea of leveraging data and technology to create a next-generation insurance design into a platform that is gaining market traction with employers, including several of our health system partners, and with members, who give the company a high net promoter score for illuminating treatment paths with clear prices.”
