US-based online health benefits marketplace Gravie received $75m in series E funding on Wednesday from investors including Axa Venture Partners, a subsidiary of insurance firm Axa.
Investment firm Georgian led the round, which was also backed by FirstMark Capital, Split Rock Partners and Revelation Partners.
Founded in 2013, Gravie has built an enterprise health benefits platform that puts together insurance packages for brokers, employers and workers. More than 1,500 companies across its home country have employed its services, totalling in excess of 100,000 insured individuals.
Axa Venture Partners had led a $28m series D round for Gravie in March 2021, investing alongside FirstMark, Split Rock and Revelation Partners, bringing its funding to at least $75m altogether. The company had received $3.4m from unnamed backers three years earlier, according to a securities filing.
Gravie had previously completed a $14.1m series C round in 2017 led by GE Ventures, the now-defunct corporate venturing subsidiary of power and industrial technology group General Electric, and backed by FirstMark, Aberdare Ventures and Split Rock.
Financial and insurance services provider Securian invested $1m in the company the previous year, which came after earlier funding from backers including FirstMark, Split Rock, Aberdare Ventures and Revelation Partners.
Abir Sen, co-founder and co-CEO of Gravie, said: “Gravie is focused on rebuilding the consumer experience in healthcare from the bottom-up, and creating health benefits solutions that are sustainable long-term for employers.”
Image courtesy of Gravie Inc.
