SimplyInsured Pulls In $5.9M
SAN FRANCISCO, CA, SimplyInsured today announced it has secured $5.9 million in Series A financing.
SimplyInsured, the no-hassle health insurance marketplace and administration platform for small businesses, today announced it has secured $5.9 million in Series A financing from Polaris Partners with participation from Bessemer Venture Partners, Altair.VC, Corazon Capital, and other individual investors. The company will use the funding to expand sales and marketing efforts, and hire across sales, marketing and engineering.
Launched in 2013 out of the Y Combinator program, SimplyInsured offers the only technology solution that allows small businesses to shop for the most favorable health insurance policies from the nation's top insurance providers and administer those programs 100 percent online. Businesses that have adopted the SimplyInsured platform have saved on average $500-$1000 per employee per year.
'We developed our platform so that very small businesses -- less than 20 employees -- could have health insurance that is as easy to administer as Google or General Electric.' said Vivek Shah, Founder and CEO of SimplyInsured. 'Our platform not only saves small businesses money, but also time and resources spent on the paperwork and complexities of health insurance.'
The health insurance market for the smallest businesses in the U.S. is over $100 billion in premiums. Since inception, SimplyInsured has been growing at more than 15 percent each month with thousands of customers in 38 states.
Polaris Venture Partner Gary Swart, who has joined SimplyInsured's Board of Directors, shared his enthusiasm for the significant market opportunity and the team which will take the company to the next level:
'The SimplyInsured team has developed an elegant and cost effective solution that addresses a serious set of challenges for the millions of small businesses that seek to provide quality health coverage for their employees,' said Swart. 'Vivek and his team have demonstrated both the strategic vision and the tactical rigor to transform a process that is in desperate need of disruption. They are well positioned to scale this product in considerable ways going forward.'
SimplyInsured is simple, no-hassle health insurance marketplace and administrative platform for small businesses. We analyze thousands of insurance policies to find the best coverage, price, and value for every situation, and provide those options on a single site. Our streamlined health insurance manager is 100% online, easy to access, and saves on average $500-$1000 per year per employee. For more information, please visit: www.simplyinsured.com.
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