Gravie Secures $28M in Financing Led by AXA Venture Partners

The Series D round was led by AXA Venture Partners, with participation from existing investors FirstMark Capital, Split Rock Ventures and Revelation Partners.

(Image source: Gravie homepage.)

Gravie, a Minneapolis-based defined contribution healthcare company founded in 2013, has raised $28 million in a Series D round of financing led by AXA Venture Partners (AVP, Paris), with participation from existing investors FirstMark Capital, Split Rock Ventures and Revelation Partners. Gravie’s announcement of the round says that the capital will be used to fuel the company’s continued growth through investments in product and technology, sales and marketing, and expansion into new markets through new and existing distribution channels.

Abir Sen, Co-Founder and Executive Chairman, Gravie.

“We are excited to partner with AXA Venture Partners in our mission to heal our broken healthcare system,” comments Abir Sen, co-founder and Executive Chairman, Gravie. “Over the past couple of years, we have grown revenue four-fold, expanded into several new states, grown our marketplace of benefits including our own innovative insurance plan, Comfort, and most importantly, done all this while consistently getting top satisfaction ratings from employers and their employees. This financing will enable us to continue to scale the business and deliver an innovative approach to health benefits to employers and consumers across the country.”

“Gravie is revolutionizing how businesses and their employees access the healthcare system,” comments Alex Scherbakovsky, AVP General Partner, AXA Venture Partners. “We are proud to partner with Abir and the Gravie team to scale the company.”

Gravie describes itself as an innovative health benefits company that has been designing benefits solutions that put employers’ and employees’ needs at the center of the healthcare ecosystem. With Gravie’s defined contribution approach, employers are able to set and stick to a benefits budget that works for their business, and employees are free to choose the out-of-pocket maximum that works for them, the company says.

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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