Venteur raises $7.6 million

Venteur, a health startup helping companies provide personalized health insurance options to their employees, has raised $7.6 million in Seed funding led by GSR Ventures, with participation by Headwater VC, Revelry Venture Partners, Houghton Street Ventures, Plug and Play, Techstars, CRCM Ventures, and various strategic angels.

Led by sibling co-founders Stacy and Tim Edgar, the California-based startup enables businesses to give their employees greater control over their health care by offering an Individual Coverage Health Reimbursement Arrangement (ICHRA). Using Venteur’s platform, employers provide pre-tax dollars to buy health insurance. Employees receive a digital wallet and are invited to Venteur’s marketplace to shop for health insurance coverage. The marketplace is powered by “proprietary AI” decision support tools, which leverage “30 years of medical claims data” to make personalized suggestions on the best health plans for each employee.

“The ability to choose and keep our health insurance plan saved my dad’s life. Our goal is to bring this same health care decision-making control to all Americans. As we scale, the power of Venteur’s model is that it fundamentally re-aligns financial incentives, so that the whole health care system is aligned to serving consumers instead of intermediaries.” – Stacy Edgar, CEO and co-founder of Venteur.

“There’s been a shocking lack of innovation in the health insurance space alongside a need for a platform that offers the modern employee more control over their insurance coverage. Venteur is helping to transform how employers will provide health insurance to their employees in the future, and we’re are excited to help make that transformation happen.” – Yuechen Zhao, partner at GSR Ventures.