Ansel secures $20m in funding round led by Portage

January 24, 2024

InsurTech Ansel, formerly known as Brella, has successfully raised $20m to expand access to the simplified supplemental insurance market.

The round was led by Portage and also attracted prominent investors, including Two Sigma Ventures, Brewer Lane Ventures, SixThirty Ventures, Plug and Play Ventures, Digitalis Ventures, Symphony AI, Operator Partners, Morgan Creek Capital Management, and others, according to InsurTech Insights.

This transformative InsurTech is aiming to revolutionise the supplemental insurance landscape, distinguishing itself with a focus on simplicity and innovation. Ansel’s recent rebranding reflects its commitment to modernising insurance solutions.

Ansel utilises cutting-edge technology to simplify supplemental insurance, offering payouts for a wide array of diagnoses spanning over 13,000 conditions, from concussions to cancer.

The company has identified a market demand for a streamlined claims experience, providing a seamless, paperless approach to implementation, enrolment, and ongoing administration.

With this capital injection, Ansel has now raised over $50m to date and is strategically positioned to expand its modern supplemental insurance solutions across the United States.

Ansel’s Founder and CEO, Veer Gidwaney, said, “Since launching Ansel in 2019, we’ve made significant progress bringing modern supplemental insurance to more Americans by teaming up with leading insurance carriers and benefits brokerage firms across the country. This financing is an important step towards making health hardships less of a financial burden for Americans nationwide.”

Ricky Lai, Partner at Portage, said, “We believe Ansel’s pioneering approach to supplemental insurance will transform the US health insurance landscape, particularly as the country continues to see growing enrolments into high-deductible health plans. Ansel’s product offers members a more accessible and simplified path to comprehensive healthcare coverage. We are excited to support the team as they enter their next phase of growth.”