Data-driven InsurTech HealthCare.com has raised $130m in senior non-convertible preferred funding, alongside more than $50m in Series C preferred equity in a round led by Oaktree Capital Management.
Existing investors Axis Capital, Second Alpha and Link Ventures participated in the round, along with unnamed founders.
With this latest financing, HealthCare.com said it is committed to changing US consumer’s relationship to their healthcare, creating solutions that make it easy to discover, choose, buy and use health insurance and other healthcare-related products – across every life stage.
Founded in 2014 and headquartered in New York, HealthCare.com is a digital healthcare platform connecting consumers, service providers and payors with the goal of bringing simplicity and transparency to an industry famous for its complexity and opacity.
By leveraging AI algorithms, the platform matches individuals to a wide array of products in the healthcare space, including its own proprietary insurance plans and customisable insurance product bundles.
The company plans to accelerate its investment in data science, product development, and engineering and will also hire for several key roles as it works to close the gap between healthcare consumers’ needs and their access to the best options.
Don Loonam, CEO of HealthCare.com, said, “There is a crisis of cost, transparency and access stemming from complexity and a slow pace of change in healthcare and health insurance. The consumer is at the centre of our offering, and our ultimate product is their end-to-end healthcare experience. We aim to create an iterative relationship with the consumer that will span decades, improving lifelong wellness.”
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