Gravie
Overview
Gravie is a health benefits company headquartered in Minneapolis, Minnesota, specializing in offering health plans tailored for small and medium-sized businesses. Founded in 2013 by Marek Ciolko, Abir Sen, and Jill Prevost, Gravie aims to revolutionize how health benefits are structured by providing plans with comprehensive coverage and minimal out-of-pocket expenses for common healthcare services. As of 2023, Gravie has raised a significant amount of funding, receiving over $300 million in total, including a substantial investment of $179 million led by General Atlantic. The company stands out for its innovative approach, focusing on consumer-friendly solutions in the health insurance sector.
Recent Developments
- June 2024: Gravie launched a new podcast titled "It’s a Gravie Thing: Health Benefits You Can Love," focusing on innovations in health benefits for small to midsize businesses.
- June 2024: Trinity Capital provided $40 million in growth capital to Gravie to enhance its Comfort health plan model nationwide, targeting small and mid-size employers.
- March 2023: Gravie received a $179 million equity investment, led by General Atlantic, to bolster its growth and expand its Comfort health plan. This funding is part of Gravie's strategy to lower healthcare costs and improve health outcomes.
- March 2023: The company announced the completion of its largest funding round to date, a $179 million Series F round, aimed at scaling its operations and adding new features to its health plans. The round was supported by existing investors like FirstMark Capital and AXA Venture Partners.
- April 2023: Gravie raised $100 million in a Series F funding round led by General Atlantic, bringing its total funding to $263 million over nine rounds.
- Earlier in 2023: Gravie announced plans to expand its flagship product, Comfort, which offers comprehensive healthcare coverage with zero copays on common services.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2013 |
| Headquarters | Minneapolis, Minnesota, USA |
| Founders | Marek Ciolko, Abir Sen, Jill Prevost |
| Revenue | Not publicly disclosed |
| Profits | Not publicly disclosed |
| Key Investors | General Atlantic, FirstMark Capital, AXA Venture Partners |
| Industry | Health Insurance |
| Number of Employees | Approximately 443 |
Early History
Gravie was founded in 2013 as a response to the complexities in the health insurance market, particularly for small and medium enterprises. The founders, Marek Ciolko, Abir Sen, and Jill Prevost, brought together their expertise in the insurance and healthcare industries to develop a solution that simplifies health benefits for businesses and their employees. The company's initial funding rounds were aimed at developing its unique health benefits platform, which quickly differentiated it from traditional insurance providers by focusing on fully covered services with no deductibles or copays.
Company Profile and Achievements
Gravie has established itself as a disruptive force in the health benefits industry by prioritizing member satisfaction and affordability. Its flagship product, Comfort, is designed to make health coverage more accessible by eliminating common financial barriers such as copays and deductibles. This approach is not only attractive to businesses but also to employees who benefit directly from simplified health plan features.
- 2018: Launched Comfort, a zero-deductible, zero-copay plan that provides 100% coverage for a wide range of healthcare services.
- 2021: Named to the Inc. 2021 Best in Business list in the insurance category for its significant positive impact on the community and healthcare industry.
- Gravie's business model focuses on partnering with well-known insurance networks like Aetna and Cigna, thus ensuring extensive provider access while managing all claims in-house.
- The company continues to innovate by integrating virtual care options and preventive services into its plans to promote long-term health and wellness.
Current Operations and Market Position
Gravie operates primarily in the United States, focusing on providing employer-sponsored health benefits that are both comprehensive and easy to understand. Its Comfort plan is particularly appealing to small and midsize employers looking to offer competitive health benefits without the financial strain typical of traditional plans. The company's market position is strengthened by its consumer-centric philosophy, aiming to offer more benefits than its competitors while maintaining lower costs for employers.
- Gravie's market approach and innovative product offerings have allowed it to secure a broad customer base nationwide, serving over 1,200 companies.
- The company is actively expanding its footprint by enhancing service offerings and integrating more digital solutions to improve user experience.
Conclusion
Gravie's impact on the health benefits industry is significant, offering a refreshing alternative to traditional health plans through its Comfort product. By eliminating copays and deductibles for most common services, Gravie not only provides financial relief to members but also improves access to necessary health services. With substantial recent investments and a growing customer base, Gravie is well-positioned to further its influence in the market. The company's forward-thinking approach to health benefits, combined with its commitment to consumer satisfaction, suggests a promising future as a leader in redefining health benefits accessibility.