A Minnesota startup that is helping individuals navigate the world of health insurance, has just recorded another $12.5 million dollar venture funding round.
The Minneapolis St. Paul Business Journal reports that Eden Prairie based Split Rock Partners led the venture capital round for Gravie. Early investors Aberdare Ventures and FirstMark Capital also participated.
As a result of Obamacare more and more small businesses are sending their employees the individual health insurance route as opposed to group insurance, which was much more popular just three years ago. Gravie offers a concierge type service to help those individuals with those important decisions.
Gravie raises $10.5 million dollars in venture capital last year. They are using this new influx of cash to scale the business as it expands nationwide. They plan on putting sales staff on the ground in Chicago, Indiana, Florida and Texas.
The service is free for both employers and employees and they say they offer the end user (the employee) “Insurance Independence” to be able to get the insurance that they need.
The Minneapolis St. Paul Business Journal said that the company does not report revenues but that revenue was up 15x the previous year.
Earlier this year Gravie announced a trial partnership with Minneapolis based Target. In this partnership Gravie offered insurance consultation and advice to Target customers at three locations in the Minneapolis area. They offered this advice in the pharmacy area, giving a more robust offering of health related services.