Health insurance startup Bind Benefits Inc. announced Wednesday that it has raised a Series B round of venture funding worth $105 million.
Proceeds from the round will be used to help Bind expand its fully-insured offering to over 30 states by the end of 2021.
Related: Bind was named the Business Journal's "Most Promising Startup" of 2018
Bind offers insurance that allows people to see treatment options and compare care costs before they receive care. It offers insurance to the employees of companies with self-insured or fully-insured plans.
"Bind has proven when people have cost clarity, they buy more effective and efficient care — and that makes health care more affordable for everyone," Bind CEO Tony Miller said in a statement.
Bind expects its enrollment to double from 2020 to 2021, the company said. Founded in 2016, Bind has around 350 employees and serves almost 100,000 members. Some companies that offer Bind to their employees include Target Corp. and Best Buy Co. Inc.
Bind previously raised a $70 million in 2018. It also sold $60 million in debt to an unnamed investor in 2019. Some of its investors include Wayzata-based Lemhi Ventures, Minnetonka-based UnitedHealth Group Inc. and Ascension Ventures.
