Zing Health taps debt for $30 million raise

Zing Health , the Chicago Medicare Advantage insurer co-founded in 2019 by Dr. Eric Whitaker and Garfield Collins with backing from Health 2047, the AMA’s innovation lab, filed a Form D on Sept. 2 for a $30 million offering.

Two related entities, Zing Health Consolidator, Inc. and Zing Health Enterprises, LP, are named as co-issuers, with CEO Andrew Clifton signing for both. The first sale occurred on Aug. 21.

The offering consists of debt and warrants rather than equity. Of the $30 million sought, $22.5 million has already been committed by two investors.

That marks a departure from Zing’s previous equity rounds, including a $140 million raise in September 2024 from a group that included Newlight Partners, Town Hall Ventures, CRG, Leavitt Equity Partners, First Trust Capital Partners, and Health 2047 Capital Partners.

Founded in 2019, Zing offers Medicare Advantage plans focused on underserved communities and has approximately 157 employees, according to LinkedIn data.