Health care company Gravie has pulled in a $28 million round of venture capital, it announced Thursday.
The round was led by AXA Venture Partners, the venture capital arm of the French insurance company Axa. Other participants included New York City-based FirstMark Capital, Eden Prarie-based Split Rock Ventures and San Francisco-based Revelation Partners.
The cash will go to helping Gravie grow into new markets and expand its sales and marketing, it said.
Minneapolis-based Gravie helps small- and medium-sized companies provide health insurance for their employees. It takes a defined-contribution approach, meaning employers determine how much money they're willing to contribute to employee health plans and employees are able to choose their own plans.
"Over the past couple of years, we have grown revenue four-fold, expanded into several new states, grown our marketplace of benefits including our own innovative insurance plan, Comfort, and most importantly, done all this while consistently getting top satisfaction ratings from employers and their employees," co-founder and Executive Chairman Abir Sen said in a press release.
Gravie has now raised $73 million, including a $3.4 million round in 2018 and a $14 million round led by GE Ventures in 2017. It has just under 100 employees and has increased its revenue fourfold in the past two years, but declined to give a number.
