Medicare Plan Broker Raises $42 Million
Chapter says its advisors can recommend any plan without hurting their compensation.
Chapter — a New York-based Medicare plan broker that’s emphasizing its compensation-neutral approach to recommending plans to consumers — announced Tuesday that it has raised $42 million in capital from investors.
Lee Fixel’s Addition put in the most cash. Fixel is a Tiger Global Management alumnus.
The investor group also included Narya Capital, Susa Ventures, Maverick Ventures, XYZ Venture Capital, Core Innovation Capital and Health2047 Capital Partners.
Chapter has raised a total of $61 million since it came to life in March 2020.
Cobi Blumenfeld-Gantz, Chapter’s CEO, is a former Palantir Technologies business development executive. He started Chapter with Corey Metzman and Vivek Ramaswamy.
In a comment included in the funding announcement, Blumenfeld-Gantz said that Chapter’s system helps the company’s advisors find complete information, such as provider directories, for every Medicare Advantage plan, Medicare supplement insurance policy and stand-alone Medicare Part D prescription drug plans, sold in the country.
Chapter advisors can offer consumers any plan in the system, without regard to the plan’s commission payments or other compensation arrangements, Blumenfeld-Gantz said.
The company has advisors who are licensed in all 50 states.
It’s using the cash it has raised to open an office in Phoenix, work with Palantir to improve its database, and hire more advisors. The company says it plans to create 70 new jobs this year.
..
(Image: Shutterstock)