US-based health insurance marketplace Gravie closed a $14.1m series C round yesterday led by GE Ventures, the corporate venturing subsidiary of conglomerate General Electric.
Venture capital firms FirstMark Capital, Aberdare Ventures and Split Rock Partners also participated in the round. Lisa Suennen, senior managing director at GE Ventures, will join Gravie’s board of directors.
Founded in 2013, Gravie operates a platform that enables users to choose healthcare insurance while taking into account employer contributions, household income, tax credits eligibility and healthcare habits.
The platform than provides an overview of available options and processes monthly payments. Gravie claims it has signed up more than 900 employers, serving more than 62,000 individuals across the US.
Gravie has now raised more than $44m in funding, according to a company blog post. It received $1m from insurance and financial services group Securianin in July 2016 as part of a deal to let Securianin sell its policies on the marketplace.
Split Rock led Gravie’s $12.5m series B round in 2015, with participation from Aberdare Ventures and FirstMark Capital, after the company had secured $10.5m in a 2014 series A round led by Aberdare and backed by FirstMark. It raised $2.6m in seed capital in 2013, according to a regulatory filing.
Lisa Suennen said: “At GE Ventures, we scale ideas and grow companies that advance industries and improve lives. We are thrilled to partner with Gravie as they bring to market a much needed innovative, user-friendly approach to employee benefits.”