Cypress Ridge Capital has backed Cresso Health with an undisclosed investment. Credit: raker/Shutterstock.

Cresso Health, a new player in the healthcare insurance technology space, has announced its official launch.  

The company, which specialises in sales and marketing solutions for health insurance carriers, is focused on the rapidly growing government-sponsored health insurance market in the US.  

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Cresso Health promotes and distributes health insurance products from major insurance carriers via its network of independent agents and agencies. 

Cypress Ridge Capital, a company with a focus on healthcare growth equity, has invested an undisclosed sum in Cresso Health.  

This financial injection is intended to speed up Cresso Health’s growth, broaden its product offerings and extend its geographic reach.  

The company’s co-founders, Frank Pistone, Mike Bully and Gabe Tovar, are industry veterans. 

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Cresso Health CEO Frank Pistone said: “Health insurance distribution is a dynamic and rapidly evolving industry. We launched Cresso with the independent agency in mind, delivering a capability set that will enable our partner agencies to best serve their respective consumers.” 

Cypress Ridge managing partner Chris Petrini said: “Cresso’s unique partnership model, strategic agent support capabilities, and broad product portfolio position the company well against an attractive macro backdrop. We look forward to partnering with Frank, Mike, Gabe and the rest of the Cresso team to accelerate our shared vision for growth.” 

In other recent US health insurtech developments, Sidecar Health raised $165m in a Series D funding round.  

The round was spearheaded by Koch Disruptive Technologies and saw contributions from a mix of new and returning investors including BOND, Cathay Innovation, Drive Capital, Duke University, GreatPoint Ventures, Menlo Ventures and Morpheus.