Melody Health Insurance, the startup health insurer that will provide value-priced health insurance to individual consumers throughout the U.S., today announced it raised $3.8 million in equity funding. The company closed on $2 million last week, and investors have the option to invest an additional $1.8 million within 90 days. Eduardo Cruz, CEO of the largest health insurance company in the Dominican Republic and Central America, led the funding round, and other private investors also contributed funds.
The funding will be used to expand the Melody Health Insurance team and complete the filing and license process for the company’s launch into select states for 2017. “We see tremendous opportunity in the individual health insurance market and are excited to drive the business into multiple states,” said Sal Gentile, CEO and cofounder of Melody Health Insurance.
“The U.S. is the largest health insurance market in the world, and Melody Health Insurance has an impressive strategy to develop this unique opportunity, particularly in the individual market,” said Cruz. “I’m delighted to be working with Sal and this experienced and innovative management team.”
Date: December 8, 2015