What You Need to Know
- A new investor, Oaktree Capital, led the financing round, and existing investors also chipped in.
- The company now has operations in Guatemala, Thailand and the Netherlands as well as in the United States.
- The number of employees has increased by 130% since January, to about 370.
HealthCare.com has $130 million in new cash and plans to use some of the money to “hire for several key roles.”
The web-based health insurance distributor and product developer raised the cash from a group of investors that was led by Oaktree Capital Management funds.
The Oaktree funds are new to HealthCare.com’s investor list. Companies that have already invested in the company — Axis Capital, Second Alpha and Link Ventures — added more cash. HealthCare.com says its founders also participated in the new round of funding.
Company managers said Monday that they will use the new funding to speed up projects involving data science, product development and engineering, as well as hiring.
What Your Peers Are Reading
The company says one reason that it’s growing is that it has focused on using artificial-intelligence-based systems to promote cross-selling by offering shoppers easy-to-customize, easy-to-purchase bundles of products.
“We aim to create an iterative relationship with the consumer that will span decades, improving lifelong wellness,” Don Loonam, the company’s CEO, said in a comment included in the funding announcement.