Vericred Raises $23M in Oversubscribed Series B Funding Round
Aquiline Technology Growth-led funding round and board additions to fuel rapid staff expansion and product development.
Benefits infrastructure leader extends its position as industry standard for health and supplemental insurance connectivity, efficiency.
NEW YORK, April 12, 2021 — Vericred, the innovative data services platform powering digital quote-to-card experiences in health insurance and benefits, today announced the completion of a Series B round of funding totaling $23 million and the addition of two new members to its board of directors. Aquiline Technology Growth led the oversubscribed funding round, which included participation from new investors Echo Health Ventures, MassMutual Ventures, Guardian Strategic Ventures, and existing investors Riverside Acceleration Capital, FCA Venture Partners and First Health Capital Partners.
Vericred will use the new capital to expand its teams in New York, NY and Omaha, NE, further build its marketing and sales functions, and exponentially grow the community of participants on its market-leading platform, laying the foundation for a united, digitally connected benefits ecosystem.
“Today’s announcement showcases the market’s clear endorsement of Vericred’s critical innovations in health insurance and employee benefits. We are proud to have attracted the highest caliber of venture and strategic investors, surpassing the goals we initially set out for this fundraise,” said Michael W. Levin, CEO and Co-founder of Vericred. “We are excited to partner with these leading investors who share our vision for building a simplified way for all participants in the benefits ecosystem to connect, communicate, and exchange data rapidly and accurately.”
Vericred offers a full suite of APIs across medical, life, dental, vision and other lines of coverage that power quoting, enrollment, member management, and renewals on multi-carrier InsurTech and BenTech platforms. Vericred’s solutions simplify the complex process of exchanging data with multiple partners. By effectively removing a critical barrier to industry-wide digital transformation, Vericred enables a true digital quote-to-card experience.
More than 300 carriers, including industry leaders Cigna, Guardian, Humana, MetLife, Principal, Kaiser and 100+ InsurTech companies including Rippling, Gusto, Ease, and Namely have joined Vericred’s platform, creating a powerful network effect and establishing an important channel to bring new products and innovation to market.
In connection with this funding round, Vericred welcomes two additions to its board of directors:
Max Chee leads Aquiline Technology Growth (ATG), which is managed by Aquiline Capital Partners, and seeks to invest in early and growth stage FinTech companies. Max brings over 20 years of experience investing in FinTech and enterprise software.
Jessica Zeaske, PhD is a Partner at Echo Health Ventures, identifying and investing in emerging and growth-stage health care companies. Previously, she invested with GE Ventures and Lemhi Ventures and has a career-long focus on thesis-driven investing.
“Aquiline’s investment in Vericred is rooted in our shared vision of a fully digitally connected employee benefits ecosystem, where plan quoting, enrollment, and renewal is a seamless experience, much like booking travel or applying for a new credit card online,” said Chee. “We’re pleased to add Vericred as a portfolio company, as we view its infrastructure offerings for benefit administration platforms, along with their carrier partners, as a catalyst for the digital transformation of the industry.
"At Echo Health Ventures, we seek to drive systemic transformations of the health care system through hands-on, purpose-driven investing. Vericred is an ideal investment aligned with that vision and we look forward to partnering with them as they scale their platform” said Zeaske. “As a Board member, I am excited to help Vericred as they continue to modernize the way health insurance and employee benefits are quoted, sold, enrolled, managed, and used.”
Vericred is the way health insurance carriers and employee benefits providers connect with new technology partners to deliver seamless quote-to-card consumer experiences. We are not the websites or apps you use to choose a plan or find a doctor. We are infrastructure. We are the ‘pipes’ that simplify the complex exchange of quoting, enrollment and eligibility data between carriers and the technology partners responsible for delivering health and employee benefits to hundreds of millions of Americans everyday. Our APIs transmit billions of data points between InsurTech and insurance carriers, powering digital distribution across the insurance industry. Come join the community of insurance geeks creating a seamless digital quote-to-card experience. Visit www.vericred.com.
About Aquiline Technology Growth
Aquiline Technology Growth (ATG) seeks to invest in early- and growth-stage technology companies that are bringing innovation to the insurance and financial services ecosystems. ATG is managed by Aquiline Capital Partners, a private investment firm based in New York and London investing in businesses globally across the financial services and technology sector. The ATG team has experience in technology and financial services and is supported by its colleagues at Aquiline, strategic partners, and an active group of industry Executive Advisors. For more information on ATG, visit: www.aquiline.com.
About Echo Health Ventures
Echo Health Ventures drives systemic health care transformation through hands-on, purpose-driven strategic venture capital and growth equity investing. Echo brings together USAble Corporation, Cambia Health Solutions and Mosaic Health Solutions to accelerate health care innovation on a national scale and support meaningful health care impact. For more information, please visit www.echohealthventures.com.