Ideon Press Releases
May 22, 2017
By: Ideon
Vericred Closes $5.5 Million Series A Round Led by FCA Venture Partners
Proceeds to Fund Expansion of Health and Benefits Data Platform
NEW YORK, May 22, 2017 /PRNewswire/ — Vericred, a healthcare data services company, today announced the closing of a $5.5 million Series A funding round led by Nashville-based FCA Venture Partners, with participation from existing and new investors. The Series A funding brings Vericred’s total funding to just under $10 Million. The company will use the capital to accelerate sales growth and product development to advance its position as the enabling data layer to the health insurance and employee benefit industry. FCA’s co-managing partner Matthew King has joined Vericred’s Board of Directors.
Technology companies are looking to build robust solutions that help individuals and businesses enroll, understand, and use their health insurance and employee benefits. The lack of a centralized data platform providing reliable, structured data had historically inhibited the building of such solutions. Vericred enables innovation by solving the data problem so that technology companies can focus their resources on creating modern user experiences. Vericred’s health insurance data platform, comprised of health plan design and rate, provider-network and formulary data, is the solution to an industry otherwise plagued by highly fragmented, rapidly changing data.
“Vericred is an infrastructure company. Our role is to enable innovation in health and benefits by delivering the data and services that all industry innovators need, but which doesn’t make sense for each to build on their own,” says Michael W. Levin, Vericred’s co-founder and CEO. “We are thrilled to partner with FCA to leverage their deep domain knowledge and network. With their investment, we will have the resources necessary to scale our sales team, expand the breadth and depth of our datasets and to introduce related services to enable important new functionality.”
“Vericred’s centralized data platform is unique and highly scalable. With its combination of a strong management team and great technology, Vericred is positioning itself to power health insurance and employee benefit related applications, transactions and insights across the industry,” says Matthew King, co-managing partner at FCA Venture Partners.
Since the launch of Vericred’s first API in September 2015, the company has enjoyed 165% compound quarterly revenue growth. Clients include GetInsured, EaseCentral, Maestro Health, Decisely, Wellthie, Maxwell Health and the Robert Wood Johnson Foundation. For more information visit www.vericred.com.
About Vericred:
Vericred, a leading healthcare data services company, partners with carriers across the nation to deliver structured health insurance data to insurtech platforms that are transforming today’s healthcare industry. With a mission to drive innovation in healthcare through data, Vericred’s data solutions enable functionality, speed deployment and reduce costs for health and insurtech companies, while its modern API allows for hassle-free data delivery for insurance carriers. Learn more at www.vericred.com
About FCA Venture Partners:
FCA Venture Partners, a family of funds founded in 1997, is located in Nashville, Tennessee. FCA Venture Partners focuses on early and growth stage Healthcare IT, Digital Health and Technology companies. The fund is positioned to take advantage of the multiple opportunities provided by current disruptions in the economy and efforts by the healthcare industry to reduce costs and become more efficient in this changing marketplace. Learn more at www.claytonassociates.com/fca-venture-partners.
