The nation’s leading privately-owned unbiased search and comparison engine for personal health insurance plans, announced today that it has secured $7.5 million in Series A funding. The financing will be used to continue to build out HealthCare.com’s consumer interfaces and service offerings, and expand the company’s reach in the online healthcare market.
HealthCare.com has been a longtime provider of online healthcare-related services since the company’s founding back in 2006. Since then, HealthCare.com has continued to grow and offer the country’s most comprehensive selection of health insurance options, including virtually all of the state-based exchange plans, federal exchange plans and many private, off-exchange plans. Using powerful proprietary technology and tools that continue to develop and expand, HealthCare.com helps consumers compare costs and subsidies for free, and enables them to purchase their insurance online, over the phone with a licensed advisor, or in person with a local agent. Open enrollment for purchasing health insurance for 2015 or renewing current healthcare plans begins Nov. 15, 2014, and runs through Feb. 15, 2015.
The strategic funding is being led by Jeffery H. Boyd and Robert J. Mylod, Jr. Mr. Boyd is Chairman of the Board of The Priceline Group [NASDAQ:PCLN] and was its Chief Executive Officer from 2002 to 2013. Before joining priceline.com, Mr. Boyd was Executive Vice President, General Counsel and Secretary of Oxford Health Plans, Inc. Mr. Boyd’s investment is being made through Brothers Brook, LLC, the strategic investment firm where he is the principal. In connection with the HealthCare.com investment, Mr. Boyd has joined the Board of HealthCare.com.
Mr. Mylod served as Priceline’s Chief Financial Officer from 1998 to 2009 and as its Vice Chairman from 2009 to 2012. Mr. Mylod’s HealthCare.com investment is being made through his Annox Capital strategic investment firm www.annoxcapital.com. Other Annox Capital investments include Dropbox, Redfin, EverBank, Freightos and Novocure. Mr. Mylod serves on the Board of Directors of Dropbox, EverBank Financial Corp. [NYSE:EVER] and Redfin.
“HealthCare.com is pleased to have the backing of Mssrs. Boyd and Mylod, two entrepreneurs who share our commitment to educate individuals to become better buyers of healthcare,” said Jeff Smedsrud, Chief Executive Officer of HealthCare.com. “Their track records demonstrate that these gentlemen know what’s required to build highly engaging consumer-facing businesses. We are also excited to have Jeff Boyd join the HealthCare.com board. His experience with both Internet and healthcare businesses meshes well with our own management team, and we plan to take full advantage of his insights.”
“While the Internet has brought consumers great transparency and convenience in many industries, there is an important opportunity to help consumers deal with the increasing complexity and cost of health insurance,” said Mr. Boyd, “particularly when consumers are moving away from employer-sponsored plans to individual plans as a result of the Affordable Care Act. Jeff Smedsrud and his team are building a powerful, unbiased, comparison shopping tool that allows consumers to find the right plan and choose their preferred method of enrollment. This investment provides resources for continuing to build out HealthCare.com’s infrastructure and interfaces, developing and enhancing products, and growing the brand. Bob and I are excited about the potential for HealthCare.com, and we look forward to working with the management team going forward.”
HealthCare.com has been a longtime provider of online healthcare-related service since the company’s founding back in 2006. Privately-owned HealthCare.com is the nation’s leading unbiased search and comparison engine for personal healthcare. The website features over 75,000 plans, including virtually all of the state-based exchange plans, federal exchange plans and many private, off-exchange plans. Using powerful proprietary technology and tools, HealthCare.com continues to grow its technology, interfaces and services to help consumers compare health insurance costs and subsidies for free, and enable them to purchase their insurance online, over the phone with a licensed advisor, or in person with an expert, local agent. HealthCare.com’s goal is to help consumers easily research information and compare health insurance quotes from insurance carriers using interactive tools and an intuitive interface. The company’s website offers trusted recommendations and a comparison shopping experience to simplify decision-making, allowing consumers to find the right health insurance plan that fits their lifestyle. It also offers online calculators and shopping tools to make buying easier and more efficient. With more than one million visitors each month, HealthCare.com partners, and integrates with industry-leading health insurance companies to help consumers enroll into plans. HealthCare.com has offices in Miami, Minneapolis, New York and Guatemala City. For more information, visit www.healthcare.com.
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