Chapter, a rapidly growing Medicare navigation platform, announced that it raised $50 million in Series C funding, led by XYZ Venture Capital and with participation from existing investors Narya Capital, Addition, Susa Ventures, and Maverick Ventures.
This funding will accelerate product development and hiring as the company scales to support ten times more Americans needing better healthcare coverage. And Chapter is also the Medicare partner for the country’s most forward-leaning healthcare and financial institutions, and the new funding will expand Chapter’s ability to offer enterprise capabilities that drive partner growth.
Picking a Medicare plan is one of the most consequential decisions retirees face. And Chapter ensures consumers get the right Medicare coverage for their needs at the lowest possible price.
As the only unbiased Medicare navigation platform, Chapter aligns incentives between Medicare advisors and consumers by considering all options and making recommendations independent from economic relationships. And the company’s proprietary technology platform ensures the highest quality guidance at scale, allowing it to serve individual members and organizations that support seniors, including financial advisories, health systems, and content publishers.
This funding round comes on the heels of the most significant regulatory change to how Medicare will reach consumers in over a decade. As the only broker invited to testify before Congress on necessary improvements to Medicare, Chapter has pushed for realigning incentives to benefit consumers. For example, the Centers for Medicare and Medicaid Services (CMS) will now prohibit lead-generation websites from simultaneously selling consumer data to multiple buyers. This positive change will reduce unwanted calls and harassment for America’s seniors.
Chapter partnered with the leading financial institutions, health systems, and content publishers to grow quickly and efficiently. With over 4 times year-over-year growth and 5x less churn than the industry standard, Chapter is the frontrunner in the category, influencing how regulators and industry leaders believe Medicare should be delivered in the future.
Along with this funding announcement, Chapter is excited to share the launch of its new (OTC) product, enabling consumers to quickly and easily redeem OTC benefits in their plans. Many Medicare plans include many benefits, but these features are often difficult to navigate and access. The Chapter OTC product allows consumers to scan their insurance card and quickly get the benefits they’ve been promised. This is just one example of the new products the Chapter team has been building, with more to come on the roadmap.
KEY QUOTES:
“The Medicare industry is in the midst of rapid transformation at every level: policy and regulation, consumer expectations, and underlying plan design. Chapter brings a fiduciary approach to Medicare guidance and advocates for policies that protect consumers. I’m so excited to deepen our partnerships across the industry to move faster toward every American getting the Medicare guidance and experience they deserve.”
– Chapter CEO Cobi Blumenfeld-Gantz
“Chapter has designed state-of-the-art technology that makes a truly best-in-class experience work at scale for seniors, while still providing deep, granular information on providers, drug pricing, and more. They’re also seeing this incredible pull from the ecosystem at large. Investment advisors, hospital groups, physicians — the biggest content sites devoted to seniors — they’re all eager to deliver better value to their customers and see Chapter as the way to do it. They’re exactly the type of team that makes us so excited to invest in the public sector, and work with folks like them from their earliest innings.”
– Ross Fubini, Managing Partner at XYZ Venture Capital
