Brella Insurance Raises $15 Million
The company crossed indemnity health insurance with a mobile app and created a new type of supplemental health insurance.
Brella Insurance Inc. has attracted financing it can use to expand its supplemental health insurance program. The New York-based company says it has raised $15 million from Brewer Lane Ventures and other investors.
The company has raised a total of $22 million since it was launched in mid-2019.
Brella combines cash indemnity insurance, which pays a fixed amount of cash each time an insured is diagnosed as having one of about 13,000 covered conditions. A mobile app helps users file, document and manage the claims. The coverage can be used together with a health savings account.
Currently, the firm is marketing the program to brokers and employers in Texas. It plans to expand into more states by June 30.
Brella has been getting the insurance that powers the program from Greenhouse Life Insurance Company, an arm of Reinsurance Group of America (RGA).
Early on, Brella received financial support from Two Sigma Ventures and from RGA’s RGAX LLC.
In addition to Brewer Lane Ventures, the list of other new backers includes Fidelity Security Life Insurance Company among others.
New York Life Ventures has invested in Brella in the past and has also participated in the new round of funding, according to Brella.
(Image: Diego M. Radzinschi/ALM)