SimplyInsured, which helps small businesses compare and purchase employee health insurance plans, has closed a Series A of $5.9 million led by Polaris Partners, with participation from Bessemer Venture Partners, Altair.VC, Corazon Capital, and individual investors.
The startup not only lets small companies compare rates on health insurance, but also allows them to administer plans on its platform, avoiding an onslaught of paperwork and online forms. It launched out of Y Combinator in 2013 and got seed funding of $1.75 million just two months ago. The latest round brings SimplyInsured’s total raised so far to $7.7 million.
SimplyInsured’s Series A will be used to increase the size of its sales and marketing team, which currently has five people, to about 20 to 30 employees.
The platform’s algorithm considers the monthly premium paid by each user and the estimated cost of an average year of medical care, before ranking plans…
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