Gravie has closed a new funding round led by General Atlantic, bringing the health benefits company’s total capital raised to $463 million.
The new investment will support Gravie’s continued expansion, product development and go-to-market activities as the company works to broaden access to employer-sponsored health benefits.
The company also appointed former Optum executive Eric Murphy to its board of directors.
Murphy held several leadership positions at Optum, the health services division of UnitedHealth Group, including serving as CEO of OptumInsight.
Gravie said Murphy’s knowledge of health plans, healthcare services, insurance brokers and the employee benefits market will provide strategic guidance as the company scales.
The board appointment and financing reflect continued investor support for Gravie’s model, which provides employers with both level-funded group health plans and Individual Coverage Health Reimbursement Arrangements.
The company works with insurance brokers and employers of various sizes to provide more flexible approaches to employee healthcare coverage.
FirstMark and General Atlantic are continuing to support Gravie as it invests in product development and national expansion.
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“Eric’s experience at the highest levels of the healthcare industry gives our board exactly the perspective we need. He understands the complexity of this market and the opportunity in front of us, and we’re thrilled to have him at the table.”
“This investment, combined with the addition of Eric to our board, puts Gravie in a strong position heading into our next chapter. The continued partnership of FirstMark and General Atlantic gives us the resources to accelerate our mission of making healthcare more affordable and accessible for employers and their employees.”
Steve Wolin, CEO of Gravie
“Gravie is doing something genuinely different in the benefits space. I’m excited to join the board at such an important moment in the company’s trajectory and to help support its continued growth.”
Eric Murphy, Board Member at Gravie
