Vericred — which complete and accessible healthcare provider data — has closed a second seed round raising $3.1 million through the sale of Series SEED II Convertible Preferred Stock to accredited investors.
The funds will be used to expand the company's data services and offerings while scaling its sales efforts.
Vericred has previously raised SEED I round of $1.125 million in November 2014."Health insurance shopping experiences are being fundamentally transformed by eBrokers, consumer facing broker sales and quoting platforms, private and public health insurance marketplaces, and integrated payroll and benefit service providers," Michael W. Levin, co-founder and CEO, said in a statement. "Vericred is enabling this transformation through its provider-network data empowering individuals and employers to make informed health insurance purchase decisions including whether or not their doctors participate in plans."
Vericred's provider-network data footprint includes networks for all under 65 individual, on and off marketplace health insurance plans, as well as about 80 percent of small group networks. Provider-network data is mapped at the plan level, allowing for easy integration into health insurance exchanges and platforms.
The company has previously raised SEED I round of $1.125 million in November 2014. Seventy-two percent of the first seed round investors participated in the second round.