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CareGain Raises $6.8 Million In Capital

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NU Online News Service, June 10, 2004, 12:11 p.m. EDT – CareGain Inc., East Windsor, N.J., has raised $6.8 million from a group of venture capital firms.[@@]

CareGain sells software that can help insurers and large employers run flexible spending accounts, health reimbursement arrangements and health savings account programs.

CareGain says it will use the new venture capital to speed up and expand efforts to develop software systems for clients such as CIGNA Corp., Philadelphia, and Great-West Healthcare, Englewood, Colo., a unit of the Power Corporation of America, Montreal.

Mid-Atlantic Venture Funds, Bethlehem, Pa., led the investor group, and Glen Bressner, one of Mid-Atlantic’s partners, will join the CareGain board.