Vericred, which aims to simplify the exchange of health insurance and employee benefits, has closed its Series B on $23m.
The round was backed by first-time Vericred backers Aquiline Technology Growth, Echo Health Ventures, MassMutual Ventures and Guardian Strategic Ventures.
Existing backers, Riverside Acceleration Capital, First Health Capital Partners and FCA Venture Partners, also joined the round.
Vericred CEO and co-founder Michael Levin said this funding round brought up two emotions, pride and humility. The pride comes from raising the Series B in just three months – half the time than was expected.
He said, “Humility, because we learned a lot about business and our industry from the fundraising process, even from those investors who passed on this round. There’s nothing like having dozens of microscopes focused on you, each with its own lens through which to view your decisions and theories.” Furthermore, he said there is more pressure to continue excelling and meeting its promise.
With the funds from the round, plans are to grow the operational teams in New York and Omaha and bolster its sales and marketing efforts.
The InsurTech company offers a full suite of APIs across medical, life, dental, vision and other coverage. Its technology can support quoting, enrolment, member management and renewals on multi-carrier InsurTech platforms.
Its goal is to simplify data exchange among multiple partners and build a standard for the industry.
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