Private investors have provided $4 million in financing for an insurance technology company.
Health Benefits Direct Corp., Radnor, Pa., says it has received the working capital from the Co-Investment Fund II L.P.
Health Benefits Direct has issued 1 million shares of convertible preferred stock as well as a 1-year warrant to buy 1 million shares of convertible preferred stock at an initial exercise price of $4 per share:
The shares of preferred stock can be converted into 20 shares of common stock at any time after the approval of an increase in the shares of authorized common stock of Health Benefits Direct by the company’s stockholders, Health Benefits Direct says.