On-demand insurance platform Bind said to close $60m investment

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fintech insurtech wealthtech regtech ai cybertech esg news

On-demand health insurance platform Bind has reportedly closed a $60m funding round to support expansion in new markets.

The investment was led by Lemhi Ventures, according to a report by Minneapolis / St. Paul Business Journal. Equity from the round will be used to support the hiring of between 50 and 70 staff and expanding the platform to six new markets, it said.

Minneapolis-based Bind is an on-demand health insurance platform that helps consumers to access a core coverage of what they need and access to add-ons for any other terms they want. The mobile app provides users with tools to understand their coverage, pricing and treatment options.

Through the core care, users are protected for preventive care, primary and specialty care, urgent, emergency and hospital care, chronic care and pharmacy needs. A consumer can then add or remove extra cover when needed, helping to lower monthly premiums, when extra cover isn’t needed.

Last year the company raised up to $2.5m from two undisclosed investors, according to an SEC filing.

Lemhi previously led the $40m Series D round in to Digital Reasoning, which helps clients use data to detect potential threats.

At the end of last month, health insurance administration software company TPA Stream collected an $800k seed round. The Ohio-based company helps companies to automate claims management, with the capital to be used for developing these solutions.

Last year, the global InsurTech sector saw $1.4bn deployed through funding rounds. The second quarter was the strongest for funding, with 44 per cent of the total deal volume being supplied during these months.

Copyright © 2018 FinTech Global

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