Gravie, a health benefits business seeking to change the way employers and their staff access and pay for healthcare, has secured a fresh funding round spearheaded by General Atlantic and named ex-Optum leader Eric Murphy to its board of directors.
The latest investment takes the firm’s cumulative capital raised to $463m. General Atlantic, a global growth equity house with over four decades of experience backing expanding companies, led the round. The specific size of the new round was not disclosed.
According to the company, the capital will be channelled into further expansion, developing its products and strengthening its go-to-market activity, and demonstrates ongoing investor belief in Gravie’s approach.
Alongside the raise, Gravie has appointed Eric Murphy, a seasoned healthcare executive, to its board. Murphy previously spent time at Optum, UnitedHealth Group’s health services division, where he held a range of roles including CEO of OptumInsight. The firm believes his direct understanding of the payer and health services markets, together with his network across the broker and benefits sector, will allow him to offer valuable strategic input as the business grows.
Gravie’s mission is to make healthcare more accessible and affordable for employers and their workforces. The firm is distinctive in providing both level-funded group health plans and Individual Coverage Health Reimbursement Arrangements (ICHRA), letting employers pick the benefits structure that best suits their teams. It works with brokers and businesses of every size across the US to deliver smarter and more sustainable benefits offerings.
Gravie CEO Steve Wolin said, “Eric’s experience at the highest levels of the healthcare industry gives our board exactly the perspective we need. He understands the complexity of this market and the opportunity in front of us, and we’re thrilled to have him at the table.”
Murphy said, “Gravie is doing something genuinely different in the benefits space. I’m excited to join the board at such an important moment in the company’s trajectory and to help support its continued growth.”
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