A technology-enabled insurance firm in Alpharetta raised $3.5 million, according to a March 3 U.S. Securities and Exchange Commission filing.
Decisely, founded in 2015, produces an “all-in-one" human resources software to help small businesses manage their HR offerings and offer more affordable health insurance.
An anonymous Silicon Valley strategic investor along with existing investors Sightway Capital, a subsidiary of Two Sigma Private Investments, and Galway Insurance Holdings, formerly Oak Hill Capital, participated in the round, CEO Kevin Dunn said.
Dunn said the capital will be used for operational expansion and increasing the 80-person team by at least 20%. The firm has seven Alpharetta-based jobs open on their website. It also has offices in Utah and California.
"What we're here to do is to provide health care and small business services to small businesses, which are the core of the U.S. economy," Dunn said.
Decisely is a certified B Corporation, meaning a for-profit company trying to solve social or environmental problems. Decisely aims to make health care more affordable to employees of small businesses through offering benefits via associations or other membership organizations, such as the Georgia Association of Realtors. That allows small real estate offices to get the same discounts from insurance companies as larger companies, meaning health care is more affordable to the office and its employees.
"Not only do we have that collective-sourcing capability, but because we have built the technology that allows us distributed capabilities, it really becomes efficient," Dunn said.
In March 2017, Decisely raised $60 million in funding commitments from Two Sigma Private Investments and EPIC Insurance Brokers and Consultants, according to a press release. Dunn said that round allowed Decisely to spend the next five years building the product and gaining customers rather than continuing to pitch to investors.
Later that year, the company acquired the small business division of employee benefit broker IBX to expand its benefits platform.
In 2019, the Technology Association of Georgia named Decisely one of its Top 40 Innovative Tech Companies.
