Gravie, one of the fastest growing employer health benefits companies in the United States, announced today that General Atlantic, a leading global growth equity investor, will anchor a $179 million equity investment into the Company, alongside participation from existing Gravie investors FirstMark Capital and AXA Venture Partners.
Gravie plans to use the capital to fuel its continued growth through investments in all areas of the company, including expanding its flagship health plan for small and medium-sized businesses — called Comfort® — which offers comprehensive coverage of all essential benefits and first-dollar coverage and zero copays on the most common healthcare services like office visits, labs and imaging, prescriptions, mental health services and more. Notably, 85% of healthcare encounters and 97% of prescriptions are covered at no “out of pocket” cost to the patient, which has driven consistently strong client satisfaction levels over time. Gravie currently provides health benefits to the employees and families of more than 1,200 companies nationwide.
“We are excited to partner with the seasoned management team at Gravie and focus on helping the Company fulfill its vision to lower the cost of healthcare while simultaneously improving health outcomes for members and their loved ones across the U.S.,” said Jon Michael Reese, Principal at General Atlantic. “We are firm believers in Gravie’s value proposition to its members and clients, and we are thrilled to support the Company during its next phase.”
“We are on a journey to help improve health benefits for businesses and their employees, and we are just getting started,” said Gravie Co-Founder and Co-CEO Abir Sen. “We are thrilled to welcome General Atlantic to the organization as a key shareholder and look forward to leveraging their knowledge and expertise as we seek to continue to scale the company rapidly.”
The investment is expected to close within 30 days, subject to regulatory approval.