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HealthMarket Gets $15 Million In Venture Capital

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NU Online News Service, March 12, 2:13 p.m. – HealthMarket Inc., Norwalk, Conn., has raised $15 million in equity financing from two venture capital firms, General Atlantic Partners L.L.C., Greenwich, Conn., and Whitney & Company L.L.C., Stamford, Conn.

The firms also participated in the group that provided $57 million in venture capital to start HealthMarket back in 2000.

HealthMarket develops defined contribution employee health plans, which combine individual health savings accounts, insurance against catastrophic medical expenses, and detailed provider directories.

The company has enrolled 500 employer groups with 13,000 members since it began selling plans this fall, the company says. The plans are now available in the District of Columbia, Georgia, Indiana, Missouri, Ohio, Pennsylvania, Texas and Virginia.

HealthMarket hopes to use the new round of financing to support its growth and make the plans available in more markets, the company says.