InsurMedix has revealed that it is set to close the first tranche of $15m funding out of a total of $65m of the round to launch its insurtech platform in 2022.
A-Labs Advisory & Finance is leading the round as anchor investor and company banker.
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The InsurMedix platform will offer the first medical coverage policies for fertility & IVF treatments.
Eventually, it will expand its portfolio to offer additional coverage including Complementary & Alternative Medicine (CAM) and Outbound Medical Tourism.
InsurMedix CEO Darren Gradus said: “We are committed to providing the best-of-class speciality medical insurance coverage for millions of people in need who cannot afford medical care for bringing life to life and wellbeing.
“Our platform will offer a wide variety of insurance products at extremely affordable subscription prices in a market that requires such products for the past decades with no avail.”
“We made it our prime target to become the largest medical insurtech player in the US over the next five years and we bring hope to those who cannot afford these important treatments.”
The new platform will offer insurtech experience throughout the entire customer journey, which includes insurance, underwriting and claims with a focus on medical insurance space.
Citing CDC statistics research, InsurMedix stated that one of eight women and one of ten women in the US will require fertility-related medical attention. InsurMedix’s offering seeks to address this need.
