Health Plan One, a Shelton, Conn.-based online marketplace for health insurance, has raised $6.5 million in Series A funding. Pequot Ventures led the round, and was joined by Greycroft Partners. Individual investors included Kevin Hill, former CEO for United Healthcare Northeast; Chan Wheeler, former CEO of Uniprise; and Bill Sullivan, former president of Oxford Health Plans.
Health Plan One (www.healthplanone.com), an innovative online marketplace for health insurance, today announced the completion of a $6.5 million Series A round of investment, led by Pequot Ventures. Other investors include Greycroft Partners and industry veterans Kevin Hill, a longtime EVP with Oxford Health Plans and most recently CEO for United Healthcare Northeast, Chan Wheeler, former CEO of Uniprise, a UnitedHealth Group company and Bill Sullivan, former President of Oxford Health Plans.
Health Plan One (HPO) offers a robust online platform for consumers to research and select health insurance plans from a wide range of offerings by leading national carriers. Before applying for or purchasing a health care plan, consumers can receive free health insurance quotes and compare features among multiple options rather than researching individual plans from disparate sources. HPO provides both online and offline support from nationally licensed sales representatives who are trained to help navigate the difficult process of selecting an individual, family, small group or Medicare plan. Health Plan One will use the Series A funds to fuel growth in online customer acquisition and secure its place as a premier marketplace for health insurance. “Our investors are not only behind some of the Internet's most successful and innovative businesses, but they also bring world-class insurance technology expertise to our company,” said Health Plan One CEO Bill Stapleton. “We will undoubtedly benefit from the vision and leadership of our new partners to become the preferred destination in the fast-growing online health insurance market.”
With the close of this round of funding, Larry Lenihan, co-head of Pequot Ventures, will join Chan Wheeler and Kevin Hill on the Board of Directors. “Health Plan One is well-positioned to execute on a large market opportunity capitalizing on recent employment trends including the shift in burden from employer to employee for rising health care costs, as well as the growth of the self-employed population, who require individual health care plans. HPO fills a gap in the market with a superior customer experience relative to the existing online alternatives.” Lenihan continued, “HPO also fits perfectly with our focus and expertise in insurance technology and emerging online markets, and is consistent with our investment philosophy to partner with innovative, market-leading companies.”
About Health Plan One
Health Plan One is a leading online health insurance marketplace serving individuals, families, small groups and Medicare recipients. The Health Plan One platform allows consumers to make well-informed decisions about their health insurance needs by offering online and offline sales support and customer service 24-hours a day. Based in Shelton, CT, HPO was founded in 2006 by health insurance veterans and backed by Pequot Ventures and Greycroft Partners. For more information, please visit www.healthplanone.com .
About Pequot Ventures
Pequot Capital Management, Inc. and Pequot Ventures, the New York City-based venture capital arm of Pequot Capital, recently announced that they have decided to separate their businesses, effective June 30, 2008. As part of the separation, the investment principals of Pequot Ventures will form a new firm, FirstMark Capital. FirstMark will assume the investment management operations of Pequot Ventures and, with investor approval, will take on the full responsibility for the assets currently under the management of Pequot Ventures. FirstMark Capital will continue to focus on investing in innovative market-leading technology companies.
For more than a decade, Pequot Ventures has partnered with talented entrepreneurs and experienced managers to build market-leading enterprises. With nearly $2 billion in capital commitments, Pequot brings energy, insight and substantial sector expertise to create competitive, sustainable businesses and long-term value. Select investments include: Netgear, Inc.; First Advantage Corp.; StubHub, Inc (Acquired by eBay, Inc.); Netegrity, Inc. (Acquired by CA Inc); Flarion, Inc. (Acquired by Qualcomm, Inc.); OutlookSoft Inc. (Acquired by SAP AG); Analex Corp. (Acquired by QinetiQ); Vallent (Acquired by IBM) and Syndesis (Acquired by Subex). For more information, please visit www.pequotventures.com or www.firstmarkcap.com .
About Greycroft Partners
Greycroft Partners, based in New York City, is a venture capital partnership formed to invest in promising digital media companies. The firm's $75mm fund includes participation from leading corporate executives around the world. Greycroft also leverages an extensive network of media and technology connections to help investees gain visibility, build strategic relationships, and successfully bring their products to market. Greycroft's portfolio companies benefit from active, hands-on assistance in all phases of expansion. For more information, please visit www.greycroftpartners.com