US health insurance firm Brella Insurance has raised a $15m (£10.8m) Series A funding round led by Brewer Lane Ventures to bring its supplemental health solution to employers across the US.
Brella’s tech-enabled supplemental health insurance plan pays cash if customers are diagnosed with any of 13,000+ conditions ranging from concussions to cancer. The solution aims to make it easy for employers to enhance their health benefits offering through a supplemental policy that’s simple to implement and administer.
Since launch, Brella has raised over $22m. Brewer Lane Venture’s founder and managing partner, John Kim, now join Brella’s board of directors.
“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.
“Brella Insurance, Inc. has raised a $15m Series A to fuel nationwide expansion of its modern supplemental health plan.”
“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, Digitalis Ventures, Two Sigma Ventures, New York Life Ventures, and Founder Collective, among others, also participated in the round.
Brella further revealed it is actively engaging brokers and employers in Texas and will be launching in a series of new states over this quarter.