Since inception, Brella has raised over $22M. Brewer Lane Venture’s Founder and Managing Partner, John Kim, will join Brella’s board of directors.
“Brella Insurance, Inc. has raised a $15M Series A to fuel nationwide expansion of its modern supplemental health plan.”
“We’ve made significant progress bringing our modern supplemental health insurance product to market. This financing will fuel nationwide expansion and alliances with leading benefits brokerage firms and strategic partners,” said Brella’s Founder and CEO, Veer Gidwaney. “This is yet another important milestone in our journey towards building our vision of a world where health hardships don’t create financial burdens.”
A recent study shows 60% of Americans would have to borrow to pay an unexpected $1,000 bill. Yet the average working American has a $1,644 health insurance deductible and a $4,000 annual out-of-pocket max (Source: KFF Employer Health Benefits Survey 2020). So the harsh reality is that an unexpected health issue will almost certainly lead to financial distress for people who have health insurance. It’s no wonder 33% of Americans delayed healthcare in 2020 over concerns about cost.
Traditional supplemental products are simply too narrow in their scope of coverage to help absorb the financial shock of a health issue that leaves American workers suddenly responsible for significant medical bills. On top of limited coverage, these plans have outdated and complex claims and administration processes that don’t make life easy for employers or their employees.
Brella redesigned a tech-enabled supplemental health insurance plan that pays cash if you’re diagnosed with any of 13,000+ conditions from concussions to cancer. Brella makes it easy for employers to enhance their health benefits offering with one truly supplemental policy that’s simple to implement and administer.
“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,” said Brewer Lane Ventures Founder and Managing Partner, John Kim.
Along with Brewer Lane Ventures, Brella’s new investors include Fidelity Security Life Insurance Company among others. Existing investors SymphonyAI LLC, Digitalis Ventures, Two Sigma Ventures, New York Life Ventures, and Founder Collective, among others, also participated in the round.
Source: Yahoo Finance
