A Chicago company that offers a health insurance option to people 65 and older who are typically underserved by traditional insurance models has landed an infusion of capital with participation by a slew of health care investors.
Zing Health announced a new raise of $140 million this week. Health 2047 Capital Partners, CRG and First Trust Capital Partners LLC participated in the funding round, along with existing investors Newlight Partners and Town Hall Ventures, among others.
Co-founded by Dr. Eric Whitaker and health care executive Garfield Collins in 2019, Zing Health first launched out of the innovation lab at the American Medical Association as a way to reduce health care disparities among historically underserved populations by offering Medicare Advantage HMO plans to seniors in Cook County.
The Chicago-based insurance company has since expanded to more states across the country and hopes to expand further following the latest funding round.
Specifically, Zing is hoping to bring its chronic special needs-focused plans, offerings it says have seen tremendous growth since the start of 2023, to more individuals that could use it. The company is also looking to bring on more care providers.
The tech-enabled provider of Medicare Advantage plans expanded nationally after acquiring Lasso Healthcare Insurance Co. in 2021.
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