Gravie Secures $179 Million Financing to Expand Innovative Health Benefits Plans for SMEs
MINNEAPOLIS, March 21, 2023 — Gravie, one of the fastest growing employer health benefits companies in the United States, announced today that General Atlantic, a leading global growth equity investor, will anchor a $179 million equity investment into the Company, alongside participation from existing Gravie investors FirstMark Capital and AXA Venture Partners.
Gravie plans to use the capital to fuel its continued growth through investments in all areas of the company, including expanding its flagship health plan for small and medium-sized businesses — called Comfort® — which offers comprehensive coverage of all essential benefits and first-dollar coverage and zero copays on the most common healthcare services like office visits, labs and imaging, prescriptions, mental health services and more. Notably, 85% of healthcare encounters and 97% of prescriptions are covered at no “out of pocket” cost to the patient, which has driven consistently strong client satisfaction levels over time. Gravie currently provides health benefits to the employees and families of more than 1,200 companies nationwide.
“We are on a journey to help improve health benefits for businesses and their employees, and we are just getting started,” said Gravie Co-Founder and Co-CEO Abir Sen. “We are thrilled to welcome General Atlantic to the organization as a key shareholder and look forward to leveraging their knowledge and expertise as we seek to continue to scale the company rapidly.”
The investment is expected to close within 30 days, subject to regulatory approval.
About Gravie
Gravie has been and continues to be at the forefront of driving change and improving the healthcare industry by creating innovative employer-sponsored health benefit solutions that put consumers first. Comfort®, Gravie’s flagship product, is the nation’s first-of-its-kind health plan that provides first-dollar, 100% coverage on most common healthcare services, at a cost comparable to traditional group health plans. Learn more about Gravie at www.gravie.com.
SOURCE Gravie
