DENVER--(BUSINESS WIRE)--Melody Health Insurance, the startup health insurer that will provide value-priced health insurance to individual consumers throughout the U.S., today announced it raised $3.8 million in equity funding. The company closed on $2 million last week, and investors have the option to invest an additional $1.8 million within 90 days. Eduardo Cruz, CEO of the largest health insurance company in the Dominican Republic and Central America, led the funding round, and other private investors also contributed funds.
The funding will be used to expand the Melody Health Insurance team and complete the filing and license process for the company’s launch into select states for 2017. “We see tremendous opportunity in the individual health insurance market and are excited to drive the business into multiple states,” said Sal Gentile, CEO and cofounder of Melody Health Insurance.
“The U.S. is the largest health insurance market in the world, and Melody Health Insurance has an impressive strategy to develop this unique opportunity, particularly in the individual market,” said Cruz. “I’m delighted to be working with Sal and this experienced and innovative management team.”
For additional information, please visit www.melodyhealthinsurance.com.
About Melody Health Insurance: Melody Health Insurance is built from the ground up specifically for today's health insurance environment--focused on individual consumers and designed to be efficient, different and connected through innovative and best-of-breed technology and services. The leadership team consists of experienced executives in the managed care, technology, and consumer health industries.
About Eduardo Cruz: Eduardo Cruz is President and CEO of the largest health insurance company in the Dominican Republic and Central America. Mr. Cruz has served as Chairman of ALAMI, the Latin American Association of Private Health Plans. Eduardo earned his MBA at Georgia Tech and his MPA from Harvard University’s Kennedy School of Government.