Health insurance platform Bind has raised funding from a consortium featuring strategic partner UnitedHealthcare and Ascension Ventures.
US-based online health insurance startup Bind has secured $70m in funding from investors including care provider UnitedHealthcare, the Star Tribune has reported.
Ascension Ventures, a venture capital firm backed by several healthcare providers, also participated in the round along with Lemhi Ventures, the health-focused VC fund for which Bind CEO Tony Miller is managing partner.
Founded in 2016, Bind has put together an on-demand health insurance platform using UnitedHealthcare’s networks, data and analytics resources that allows users to customise their own health plans in partnership with their employers.
The service is intended to be transparent and it has no deductible. Users get coverage from the first dollar they spend and there are no restrictions based on pre-existing health conditions.
Ryan Schuler, Ascension Ventures’ managing director, said: “Ascension Ventures believes the health insurance market is due for its next innovation, and we believe that is Bind.
“We see Bind’s model as a natural way to lower insurance costs for America’s businesses and put more money in people’s paychecks by promoting efficient treatments and rewarding providers for making the transition to value-based care.
“The health systems we represent also view Bind as a catalyst to transform how health insurance and provider organisations work together to meet the needs of consumers for convenience, access and affordability.”
Bind had previously raised $12m, a spokeswoman told the Star Tribune, without revealing the identity of its earlier investors.