Nexben, a cloud-based health insurance benefits platform, has secured about $18.3 million of the $26.8 million in equity financing it's looking to raise, according to a recent securities filing.
About $8.6 million of the amount raised so far includes the conversion of previously issued convertible notes and accrued interest, the filing says. A spokesperson for the Minneapolis-based company declined to comment on the fundraising.
The filing does not detail the funding round, plans for the funds or who the investors are, but does state there were 24 investors, with a first date of sale occurring in April of this year.
Nexben’s service characterizes itself as a "cloud-based platform that connects the entire industry — from national carriers to independent agents to large and small businesses — all the way down to individuals and their families,” according to its website.
The company did provide one clue last year in its plans to scale, announcing the hiring of Scib Ebel as its first chief technology officer, who was brought on to help support rapid growth for Nexben, the Business Journal reported at the time. Ebel previously served as the CTO for Minneapolis-based Icario and in leadership positions at Optum and Cigna.
“Our steady growth of clients continues to necessitate our internal growth, and we couldn’t be more pleased to have Scib join our team,” Nexben founder and CEO John Kelly said at the time of hiring Ebel. “Together, we are transforming the benefits industry and changing the way carriers, insurance brokers and their customers interact together.”
Nexben was founded in 2015 and has another office in Grand Rapids, Mich., according to its LinkedIn page.
