Private insurance exchange platform Take Command Health secured $2 million in a bridge funding round.
According to the company, the platform allows employers to design custom 401(k)-style health benefits.
The platform works as a health reimbursement administrator (HRA), providing a private insurance exchange solution for employees. It has been adopted by several health insurance companies, including Bright Health, Oscar Health, and Ambetter.
It also enables employees to review and compare individual health insurance plans.
“With the HRA model gaining traction, it’s time for us to ramp up to accommodate the increased demand,” shares Jack Hooper, CEO, Take Command Health. “We’re excited to partner with LiveOak as we continue to drive growth.”
HRAs are a benefits option that enables businesses to reimburse their employees tax-free for individual insurance premiums and medical expenses. Unused funds stay with the employer, and no accounts are pre-funded.
The funding round was led by LiveOak Venture Partners, a venture capital fund based in Austin, Texas.
“They’ve emerged as the leader in the HRA industry with an offering that helps employers address the challenges of traditional group plans, including rising premiums, heavy administrative burden, and limited benefit options for employees. As a result, the company is seeing rapid adoption with thousands of employers using the platform,” said Mike Marcantonio, Principal at LiveOak Venture Partners.
Founded in 2014, Take Command Health has raised over $5 million to date, including a $1.5 million Series A round in 2019. Existing supporters include early-stage investment firm Green Park & Golf Ventures.
According to the company, the new funds will help roll out its software platform. The funds will also support the strategy, development, compliance, and sales teams and streamline the user experience as the startup responds to an uptick in HRA signups.
Image credit: Take Command Health
