Medicare-focused startup EasyHealth raises $135M in equity, debt funding

This morning Medicare-focused EasyHealth announced a whopping $135 million funding raise. According to TechCrunch, that breaks down to $100 million in credit facility and $35 million in equity financing.

Anthemis Group and QED Investors led the round with participation from Victory Park Capital, Nationwide Ventures, Health Ventures, Brewer Lane and Operator Partners. 

WHAT IT DOES

EasyHealth pins itself as an end-to-end Medicare platform. The AI-enabled platform designed to help engage patients and target preventative care. Its platform is aimed at closing information gaps and pinpointing health risks early one. Using disparate medical records and a risk analytics engine, the platform is able to identify potential health concerns for its members.

EasyHealth works with Medicare health plans to implement its care navigation tool. 

WHAT IT’S FOR 

The company, founded in 2020, did not explicitly say what the money would be used for, but growth appears to be a focus. 

“As an industry leader, EasyHealth is well-positioned to capture future growth opportunities as enrollment in healthcare plans continues to increase,” Connell Hasten, partner at Victory Park Capital, said in a statement.

“The Medicare enrollment process has been ripe for improvement over the course of many years, and we are strong supporters of EasyHealth’s differentiated approach and vision. We look forward to partnering with their growing team as they continue reducing barriers for Americans to enroll in the Medicare plans suitable to their individual needs.” 

MARKET SNAPSHOT

As the U.S. population continues to age, more and more digital health companies are looking at the Medicare market. According to the CDC, in 2016 there were 49 million seniors in the U.S. By 2030 that number is expected to reach 71 million.

In June, hybrid care provider One Medical scooped up Medicare-focused provider Iora Health for $2.1 billion. 

Additionally, tech-backed Medicare Advantage company Devoted Health closed a $1.15 billion Series D funding in October. In 2020 Alignment Healthcare, a Medicare Advantage insurer scored $135 million in Series C funding. 

ON THE RECORD 

“We couldn’t be more excited to partner with EasyHealth,” Amy Nauiokas, founder and CEO of Anthemis, said in a statement. “They are disrupting the health insurance space by empowering insurance providers to support Medicare-eligible individuals in selecting their ideal healthcare plan.

“Having quick and efficient access to benefits is more important than ever in the current pandemic environment, and EasyHealth plays a vital role in providing health and financial security to those who need it the most.”