Key Takeaways
- • Chapter, a Medicare navigation platform, raised $50 million in Series C funding led by XYZ Venture Capital, with participation from existing investors Narya Capital, Addition, Susa Ventures, and Maverick Ventures.
- • The company says it is the fastest-growing Medicare navigation platform in the country, citing over 4x year-over-year growth and 5x less churn than the industry standard.
- • Proceeds will fund product development and hiring as Chapter scales to support 10x more Americans seeking Medicare coverage guidance.
- • Chapter positions itself as the only unbiased Medicare navigation platform, operating on a fiduciary model independent of economic relationships with carriers.
- • The company launched an Over The Counter (OTC) benefits product that lets consumers scan insurance cards to redeem plan OTC benefits.
Summary
Chapter, described as the fastest-growing Medicare navigation platform in the country, announced that it raised $50 million in Series C funding led by XYZ Venture Capital. Existing investors Narya Capital, Addition, Susa Ventures, and Maverick Ventures also participated, according to the company's Business Wire release dated May 14, 2024. The company said the capital will accelerate product development and hiring as it scales to serve 10x more Americans in need of better healthcare coverage.
Chapter describes itself as the only unbiased Medicare navigation platform, stating that it aligns incentives between Medicare advisors and consumers by considering all plan options and making recommendations independent of economic relationships. Its proprietary technology serves individual members as well as organizations that support seniors, including financial advisories, health systems, and content publishers. CEO Cobi Blumenfeld-Gantz said the company brings a fiduciary approach to Medicare guidance and advocates for consumer-protective policies.
The announcement follows what the company characterized as the most significant regulatory change in how Medicare reaches consumers in over a decade. Chapter said it was the only broker invited to testify before Congress on Medicare improvements. Among the new rules, the Centers for Medicare and Medicaid Services (CMS) will prohibit lead generation websites from selling consumer data to multiple buyers simultaneously, a change Chapter said will reduce unwanted calls to seniors.
Company figures cited in the release include over 4x year-over-year growth and 5x less churn than the industry standard. Ross Fubini, Managing Partner at XYZ Venture Capital, said Chapter's technology delivers best-in-class service at scale, with deep information on providers and drug pricing, and that investment advisors, hospital groups, and senior-focused content sites see the platform as a way to deliver better value. The company also launched a new Over The Counter (OTC) product allowing consumers to redeem plan OTC benefits by scanning their insurance card. Note that the growth, churn, and market-position claims are company-reported and were not independently verified in the source material.
Chapter describes itself as the only unbiased Medicare navigation platform, stating that it aligns incentives between Medicare advisors and consumers by considering all plan options and making recommendations independent of economic relationships. Its proprietary technology serves individual members as well as organizations that support seniors, including financial advisories, health systems, and content publishers. CEO Cobi Blumenfeld-Gantz said the company brings a fiduciary approach to Medicare guidance and advocates for consumer-protective policies.
The announcement follows what the company characterized as the most significant regulatory change in how Medicare reaches consumers in over a decade. Chapter said it was the only broker invited to testify before Congress on Medicare improvements. Among the new rules, the Centers for Medicare and Medicaid Services (CMS) will prohibit lead generation websites from selling consumer data to multiple buyers simultaneously, a change Chapter said will reduce unwanted calls to seniors.
Company figures cited in the release include over 4x year-over-year growth and 5x less churn than the industry standard. Ross Fubini, Managing Partner at XYZ Venture Capital, said Chapter's technology delivers best-in-class service at scale, with deep information on providers and drug pricing, and that investment advisors, hospital groups, and senior-focused content sites see the platform as a way to deliver better value. The company also launched a new Over The Counter (OTC) product allowing consumers to redeem plan OTC benefits by scanning their insurance card. Note that the growth, churn, and market-position claims are company-reported and were not independently verified in the source material.
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