U.S. insurtech Brella Insurance announced on Thursday it raised $15 million through its Series A funding round, which was led by Brewer Lane Venture with participation from Fidelity Security Life Insurance, SymphonyAI, Digitalis Ventures, Two Sigma Ventures, New York Life Ventures, and Founder Collective.
Founded in 2019, Brella claims it is modernizing supplemental health benefits to build a world where health hardship doesn’t mean financial hardship. The company reported that its supplemental plan covers more than 13,000 conditions and pays cash on diagnosis that its customers may now use for anything they need on the road to recovery.
“Even with great health insurance, health issues can be expensive. At Brella, we’re on a mission to build a world where health hardships don’t create financial burdens. We’ve reinvented supplemental health insurance with a redesigned plan that is a better complement to your health insurance than the traditional accident and critical illness policies.”
While sharing more details about the company’s development, as well as the investment round, Brella’s Founder and CEO, Veer Gidwaney, stated:
“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. This is yet another important milestone in our journey towards building our vision of a world where health hardships don’t create financial burdens.”
With the investment round, the company has so far raised $22 million. The latest funds will be used to continue the development of Brella’s health solution.