Clara Insurance raises $5.5M to modernize supplemental health benefits

Clara Insurance announced it has raised $5.5 million in seed financing to launch a modern supplemental benefit for employers looking to offer better health coverage to employees and their families. The round was led by Two Sigma Ventures, with participation from Founder Collective, RGAX, SymphonyAI, and others.

Established in 2019 and led by founder and CEO Veer Gidwaney, Clara is a team of ~8. It offers a supplemental benefit plan that provides “wide-ranging, personalized coverage, delivering quick cash payments for up to 93% of issues that require immediate medical attention. That’s four times more than legacy plans.”

“It’s time we face the fact that millions of Americans are experiencing financial hardship because of a serious health issue. Companies that care for their employees and strive to retain top talent want to offer benefits that provide more wide-ranging coverage for their teams and their families. We built Clara because people deserve better.” – Clara Founder and CEO, Veer Gidwaney who founded and was CEO of Maxwell Health.

Clara’s customizable plans offer the option of additional coverage for chronic conditions and mental health, and with no pre-existing condition exclusions. Members can use Clara payouts for medical bills or everyday expenses like childcare, groceries, or transportation. Clara’s unique claims technology and member app makes it easy to get paid in hours, not weeks. Members can upload photos to file a claim in minutes before they even leave the hospital or urgent care. Plus, they’ll have access to a dedicated concierge team for questions and support.

Clara will launch in Texas in the summer of 2020.