Venteur, a digital health startup that helps companies offer personalized health insurance to their employees has closed a $7.6-million seed funding round. GSR Ventures is the lead investor, with Headwater VC and Revelry Venture Partners as well as Plug and Play and Techstars participating.
Venteur enables employers to give their employees control over their health care through an Individual Coverage Reimbursement Arrangement. Employers can use Venteur’s platform to purchase health insurance using pre-tax dollars. The employees are given a digital wallet to use to purchase health insurance. The marketplace is powered exclusively by AI decision support tools that use 30 years’ worth of medical claims data in order to provide personalized suggestions for the best health plans.
Venteur, led by siblings Tim and Stacy Edgar, is building the future health insurance system. After growing up in a world where their parents struggled with the cost of health insurance, Stacy and Tim Edgar founded Venteur.
Venteur’s concierge ICHRA service is especially popular with large employers. Early customers have emphasized how the ICHRA model has enabled them to save jobs and avoid layoffs. Venteur estimates the ICHRA can save over 5,000 employers – representing a workforce of more than 20 million employees – at least $250 per worker per month. This allows them to offer a more comprehensive health insurance plan to their workforce.