Health care startup Gravie Inc. announced its Series E round of funding has topped $90 million following an additional $15 million investment from existing investors.
The Minneapolis-based health benefits company announced the initial $75 million Series E round in March. The round was led by Toronto-based Georgian, and included participation from FirstMark Capital, AXA Venture Partners, Split Rock Partners and Revelation Partners.
Gravie is using the funding to fuel growth in all areas of the company including product and technology, sales and marketing and expansion into new markets.
“Gravie is focused on rebuilding the consumer experience in healthcare from the bottom-up, and creating health benefits solutions that are sustainable long-term for employers,” Abir Sen, co-founder and co-CEO of Gravie said in a statement when the round was first announced.
The company is growing so fast that it's moving to a 27,000-square-foot office in Riverplace complex after outgrowing its office space in the Lumber Exchange Building in downtown Minneapolis.
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.
To date, Gravie has raised $161 million in venture funding. That includes a $28 million round in March 2021, which was the No. 8 largest venture capital deal of that year, according to Business Journal research.
