Healthcare.com, the Miami-based insurtech unicorn, announced it has raised an additional $31.5 million, extending its Series C equity round of $180 million announced in December. The additional financing comes from Hildred Capital Management, a healthcare focused private equity firm, bringing Healthcare.com’s total funding round to $211.5 million.
“Healthcare.com is revolutionizing how consumers shop for health insurance. We are thrilled to help build on their strong momentum and partner with them to drive innovation and accelerate development of their AI platform,” said David Solomon, co-founder and Managing Partner of Hildred Capital, who will join Healthcare.com’s board.
Healthcare.com is an AI-powered digital healthcare platform that aims to bring simplicity and transparency to an industry known for its complexity and opacity by helping consumers discover, choose and buy health insurance and other healthcare-related products, including its proprietary plans and customizable bundles. Hildred is a big player in the pharma industry, an area of increasing focus for Healthcare.com, said Jose Vargas, co-founder of Healthcare.com.
“We actually acquired a direct-to-consumer pharmacy that going forward, we believe is going to be a really large piece of our business,” Vargas said, adding that it has the capability of dispensing in all 50 states. “They liked what we are doing and they can add a lot of value.”
The funding will be used to continue bolstering the company’s investments in AI and machine learning to drive its direct to consumers healthcare solutions, said Vargas. “We are also looking at a couple strategic acquisitions.”
Healthcare.com’s current office is in Miami’s Midtown and there are about 20 employees here, among hundreds around the country. “We have a lot of open positions and we’re looking to expand our office here in Miami and hire more,” said Vargas, but added that the competitive job market here and around the country is not making that easy.
Healthcare is the second largest sector of venture in South Florida. In the past year, Papa raised $210 million in two rounds, and Memic raised $96 million and announced it is going public through a SPAC transaction. What’s more, Heru, Brave Health, Expansion Therapeutics and Exuma Biotech have all raised healthy rounds of financing in 2021, and the number of startups continue to accelerate. Recently, both Getlabs and Betterfly announced rounds and plans to relocate to Miami.
“This was a good strategic round for us but we’re not alone here in Miami. More and more healthtech companies are moving to Miami or being grown here, like Papa and the companies involved with Maurice Ferre,” said Vargas. “You can’t just say Miami is becoming a crypto capital or fintech — healthtech is also coming to Miami in a big way and we’re happy to be a small part of the ecosystem.”
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