Vericred raises $5.5M for health insurance data platform

By Heather Mack
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Healthcare data company Vericred, which offers a platform with provider-network dataset, has raised $5.5 million in a round led by FCA Venture Partners. The company, whose centralized data platform allows individuals and business to enroll, understand and use health insurance and employee benefits, has raised nearly $10 million to date.

Vericred functions as a connector between health plans and health technology companies, enabling them build out various tech-enabled features such as price transparency tools, appointment-booking apps or enrollment and engagement platforms.

“Vericred is an infrastructure company. Our role is to enable innovation in health and benefits by delivering the data and services that all industry innovators need, but which doesn’t make sense for each to build on their own,” Vericred CEO and cofounder Michael W. Levin said in a statement. “We are thrilled to partner with FCA to leverage their deep domain knowledge and network. With their investment, we will have the resources necessary to scale our sales team, expand the breadth and depth of our datasets and to introduce related services to enable important new functionality.”

The company’s platform is made up of structured datasets from health plans, formulary data and provider-network relationship information, and researchers can also apply to use the platform in non-commercial use. That offering is available under an initiative from the Robert Wood Johnson Foundation, which is promoting data access in the name of advancing understanding of healthcare costs.

“Vericred’s centralized data platform is unique and highly scalable,” FCA Venture Partners’ co-managing partner Matthew King said in a statement. “With its combination of a strong management team and great technology, Vericred is positioning itself to power health insurance and employee benefit related applications, transactions and insights across the industry.”