General Atlantic Leads $179M Growth Investment into Gravie
Summary
MINNEAPOLIS, March 21, 2023 /PRNewswire/ -- Gravie, one of the fastest growing employer health benefits companies in the United States, announced today that General Atlantic, a leading global growth equity investor, will anchor a $179 million equity investment into the Company, alongside participation from existing Gravie investors FirstMark Capital and AXA Venture Partners.Gravie plans to use the capital to fuel its continued growth through investments in all areas of the company, including expanding its flagship health plan for small and medium-sized businesses called Comfort\xae which offers comprehensive coverage of all essential benefits and first-dollar coverage and zero copays on the most common healthcare services like office visits, labs and imaging, prescriptions, mental health services and more. "We are excited to partner with the seasoned management team at Gravie and focus on helping the Company fulfill its vision to lower the cost of healthcare while simultaneously improving health outcomes for members and their loved ones across the U.S.," said Jon Michael Reese, Principal at General Atlantic. ""We are on a journey to help improve health benefits for businesses and their employees, and we are just getting started," said Gravie Co-Founder and Co-CEO Abir Sen. "We are thrilled to welcome General Atlantic to the organization as a key shareholder and look forward to leveraging their knowledge and expertise as we seek to continue to scale the company rapidly. "The investment is expected to close within 30 days, subject to regulatory approval.Gravie has been and continues to be at the forefront of driving change and improving the healthcare industry by creating innovative employer-sponsored health benefit solutions that put consumers first. General Atlantic has more than $72 billion in assets under management inclusive of all products as of December 31, 2022, and more than 220 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Miami, Mumbai, Munich, San Francisco, S\xe3o Paulo, Shanghai, Singapore, Stamford and Tel Aviv.