Originally published by EIN Presswire on June 13, 2022
NEW YORK, NEW YORK, UNITED STATES, June 13, 2022 /EINPresswire.com/ -- Trusty.care, the tech startup modernizing sales and marketing enablement solutions for Medicare insurance distribution, today announced it closed a $6m note round to fund growth within the health insurance carrier market. This round of funding was led by the Joshua Mailman Foundation which endowed the Columbia University Mailman School of Public Health, with participation of Cultivation Capital, Dreamit Ventures, Wanxiang Healthcare Investments, Advisors Fund, Rebalance Capital, Boro Capital, Gaingels, and MEDA Angels, as well as internal investors. In addition, Cultivation Capital and Advisors Fund will be joining as board observers. The company will use the new capital to grow the team, forge new partnerships, and ramp up marketing efforts.
“Health insurance sales for individuals in the United States is an incredibly frustrating experience for consumers, and a costly and inefficient process for carriers. We are committed to aligning our stakeholders to reduce out-of-pocket costs for consumers, while addressing the billions of dollars spent on manual processes in this market.” says Joseph Schneier, CEO of Trusty.care
Trusty.care is the first company to provide an AI-driven 360 sales enablement solution for the individual health insurance market. Their products are used by insurance sales professionals to streamline quoting, enrollment, commissions, contracting, and licensing workflows. For insurance carriers, Trusty.care improves retention, reduces spend on manual processes, and improves NPS scores.
“I am very impressed with the team at Trusty.care and their innovative approach to helping insurance brokers, FMOs, and carriers deliver a best-in-kind experience for the aging population.” says Alana Mann, Principal at Cultivation Capital
“Trusty.care has a very innovative and validated way to reduce the overall costs for payors and health care. Cost reduction is once again front and center as a priority.” says Mark Goldstein, Chairman of UCSF Health Hub and through his Advisors Fund LLC.
“Trusty.care is delivering on its promise of ensuring that families are not driven into bankruptcy by out-of-pocket medical expenses, and it has evolved into the go-to sales enablement platform for some of the most trusted brands in insurance. We are excited to continue our support of Trusty.care through this financing, and to be a part of Joseph's and Trusty.care's journey.” says Barr Even, Co-Founder and Managing Partner, Rebalance Capital
This latest round of funding will be used to support Trusty.care’s growth and to expand its product offering. Specifically, the areas that the company will focus on are:
• Working with partners to leverage their 300+ health plan customers
• Launching Medicare Advantage retention product
• Partnering to provide digital enrollment to 200+ health plans
In the last 18 months, Trusty.care has grown from 1000 contracted brokers to 50,000. Their systems are being used by regional carriers and Field Marketing Organizations who use Trusty.care to power every step of their distribution. This round brings Trusty.care’s total funding to $13m.
Trusty.care is a New York based insurtech company working to improve efficiencies in the distribution of senior, individual, and ancillary products. By connecting the point of sale to the needs of the consumer, Trusty.care is able to radically improve consumers’ financial stability related to healthcare costs and decrease rapid disenrollment.
About Cultivation Capital
Cultivation Capital is an early-stage venture capital firm investing in software technology, life sciences, agriculture technology, and geospatial technology companies. Since its founding in 2012, the firm has invested in over 200 companies and is recognized as one of the most active early-stage investors in the United States. cultivationcapital.com
About Dreamit Ventures
Dreamit is a leading venture fund focused on startups with revenue or pilots that are ready to scale. Dreamit specializes in startups building transformative companies in Healthtech and Securetech. dreamit.com
About Wanxiang Healthcare Investments
Wanxiang Healthcare Investments is a corporate-backed venture group focused on investments in healthcare technologies, with an emphasis on digital health. wanxianghealthcare.com
Sara Kane, Brand Experience and Marketing