Brella Insurance Raises $15M Series A to Fund National Expansion of Supplemental Health Insurance Solution
NEW YORK, April 22, 2021 /PRNewswire/ -- Brella Insurance, Inc. announced it has raised a $15M Series A funding round led by Brewer Lane Ventures to bring Brella's modern supplemental health solution to employers nationwide. Since inception, Brella has raised over $22M. Brewer Lane Venture's Founder and Managing Partner, John Kim, will 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."
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 On top of limited coverage, these plans have outdated and complex claims and administration processes that don't make life easy for employers or their employees.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.
Brella is actively engaging brokers and employers in Texas and will be launching in a series of new states in Q2 2021. To learn more and get in touch, visit joinbrella.com or email [email protected].
About Brella
Founded in 2019, Brella is modernizing supplemental health benefits to build a world where health hardship doesn't mean financial hardship. Brella's simple supplemental plan covers 13,000+ conditions and pays cash on diagnosis that you can use for anything you need on the road to recovery. Learn more at joinbrella.com and follow @brellainsurance.
About Brewer Lane Ventures
Brewer Lane Ventures is an early-stage venture firm focused on Insurtech and Fintech companies. Using our deep knowledge of the insurance and financial services industries, we invest in startups that will transform the market for companies and consumers alike. We bring together domain expertise from founding and scaling startups, venture investing, and running Fortune 100 companies. Brewer Lane's partners and advisors have significant operating and board experience in leading financial services companies like New York Life, Prudential, CIGNA, Fiserv, Franklin Templeton and SoFi.
To learn more, visit us at brewerlane.com or @BrewerLaneVC.
SOURCE Brella Insurance
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