US-based Brella Insurance has collected $15m in its Series A funding round, which was led by Brewer Lane Ventures.
Additional contributions came from Fidelity Security Life Insurance, SymphonyAI LLC, Digitalis Ventures, Two Sigma Ventures, New York Life Ventures, Founder Collective and others.
With this equity burst, the InsurTech will use the funds to support its nationwide expansion and form partnerships with benefits brokerage firms and strategic partners. The InsurTech is launching into a several states in Q2 2021.
Brella claims to have redesigned a tech-enabled supplemental health insurance plan that pays cash if you are diagnosed with any of 13,000 conditions, ranging from concussions to cancer.
Its platform is aimed at giving employers the ability to enhance their health benefits offering with a simple policy.
Around 60% of Americans would need to borrow money to pay an unexpected $1,000 bill, the KFF Employer Health Benefits Survey 2020 claims. The average American has a $1,644 health insurance deductible and $4,000 annual out-of-pocket max, which Brella claims leaves a lot of people in distress without health insurance.
Brewer Lane Venture founder and managing partner John Kim said, “Health insurance is a significant financial burden for American workers, even when they have employer-sponsored insurance. Brella’s combination of technology and insurance plan innovation uniquely positions it to meet this need with broad distribution through employers, brokers, and strategic partnerships.”
As part of the deal, John Kim will join the Brella board of directors.
Copyright © 2021 FinTech Global
