Array Health, the leading provider of private health insurance technology, announced today that it has closed a $13 million funding round. The round, led by Noro-Moseley Partners, also included investment by Vocap Investment Partners Healthcare Growth Partners represented the company in the transaction
New capital plans include further investment in the company’s technology platform and accelerated growth to meet market demands. The company expects to support its growth initiatives by expanding its product development, sales and marketing teams.
Founded in 2006, Array Health pioneered private exchange technology and conducted multi-insurer exchanges in the Pacific Northwest before focusing on boosting private exchanges for health plans. With the passage of the Affordable Care Act, the interest and demand for affordable and consumer-centric health insurance platforms has dramatically increased. Analysts predict that by 2018, approximately 40 million people will purchase health insurance through a private exchange that will fundamentally change the health insurance landscape.
‘Array Health is reinventing the way people buy health insurance,’ said Spence McClelland, Noro-Moseley’s partner. ‘The health insurance industry is on the verge of dramatic change and a shift to the e-commerce experience that consumers have become accustomed to in other industries. Array Health has proved itself to be an innovator in this field and we believe that it has the potential to lead the market. ”
‘Investments from Noro-Moseley and Vocap Investment Partners confirm our success and vision as a company. We are lucky to have such fantastic partners,” said Jonathan Rickert, CEO of Array Health. ‘By leveraging this capital, we can accelerate our growth to meet market demand and create new offerings that align with our vision to foster more personal health insurance experience. ”
About the Health Array
Array Health is a leading provider of private insurance technology. Its cloud-based software platform enables health plans of any size to deliver their own branded online exchange – a strategic channel that helps them compete and thrive. It also provides employers with a new way to control costs and gives members a better way to purchase benefits. Array Health is a privately-owned company based in Seattle. Visit: http://www to learn more Health of the Array Come on,
About Noro-Moseley Partner
Noro-Moseley Partners (NMP), based in Atlanta, is a venture capital firm that has invested in more than 170 leading early-stage technology, healthcare and business services companies. The managers of the current NMP Fund, Noro-Moseley Partners VII, have more than 60 years of direct venture investment experience and a diverse set of skills to help entrepreneurs grow their companies. For more information, please visit: http://www Noromosley Come on,
About Vocap Investment Partner
Vocap Investment Partners provides growth capital to technology companies with high potential verticals, including: Enterprise Software, Marketing/Marketing Automation, Mobile, Internet of Things, Healthcare IT and E-commerce. For more information, please visit: http://www Vocappartner Come on,
Healthcare Growth Partners
Healthcare Growth Partners (HGP) provides investment banking and strategic advisory services with an exclusive focus on health information technology and digital health. Since 2005, HGP has closed more than 65 transactions worth more than $1 billion, including sales side, purchase side and capital formation. For more information, please visit: http://www Please, Hgp Come on,
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