This installment of Funded in the Alley is presented by Bond Collective. Leading the way in hospitality and luxury office space, Bond Collective designs environments that empower individuals and companies to be the best versions of themselves. We build collaborative workspaces curated around communities, and provide affordable alternatives for modern businesses to call home. Have any questions about what Bond Collective can offer your company? We’d be more than happy to offer you a personalized tour of any of our locations in the Financial District, Flatiron and Brooklyn.
With the Affordable Care Act (Obama Care) and American Health Act (Trump Care) adding thousands of pages to healthcare legislation, it’s difficult to keep up with the changes and policies and most people are simply lost when it comes to securing health coverage. Vericred understands this struggle and is enabling health technology companies to build solutions that help individuals and businesses enroll, understand, and use their health insurance. The platform allows its customers to focus their resources on creating modern user experiences, helping consumers easily find the health insurance plans that fit their needs and budget.
AlleyWatch sat down with CEO and cofounder Michael Levin to talk about the company and their most recent Series A round of funding.
Who were your investors and how much did you raise?
We raised a Series A round from FCA Venture Partners for $5.5M.
Tell us about your product or service.
Vericred is a leading healthcare data services company which partners with carriers across the nation to deliver structured health insurance data to insurtech platforms that are transforming today’s healthcare industry. With a mission to drive innovation in healthcare through data, Vericred’s data solutions enable functionality, speed deployment, and reduce costs for health and insurtech companies, while its modern API allows for hassle-free data delivery for insurance carriers.
What inspired you to start the company?
I was shopping for health insurance for my family of six on Healthcare.gov and simply wanted to find a plan in which our five doctors participated. What I thought would be a 15 minute exercise became a six hour project because there was no “shop by doctor” functionality allowing me to enter my doctors to see who was in and who was out of each plan’s network. Instead, I had to go out to each carrier website, enter our doctors (often individually) to see what plans they participated in, and then combine all of this information. This was just inconvenient.
Investigating the issue, we found that the lack of a central provider network database inhibited the development of this…