WESTMINSTER, Calif.--(BUSINESS WIRE)--Clever Care Health Plan Inc., a company dedicated to delivering affordable and innovative Medicare Advantage health plans, today announced it has raised $20 million in Series A financing led by Norwest Venture Partners (Norwest) with participation from Global Founders Capital (GFC). This round follows a $6 million seed investment from Norwest and GFC, bringing total funding to $26 million to date. Norwest and GFC were attracted to Clever Care in part because of the vast managed care experience of the three founders and their experience with launching and managing new health plans. The financing will be used to set up a California Medicare Advantage health plan and hire staff for its two offices in Little Saigon in Orange County and Arcadia in Los Angeles County.
Clever Care plans to support Centers for Medicare & Medicaid Services’ (CMS) efforts in delivering high quality member experience, while reducing healthcare cost through innovative benefit design with a robust provider network. Myong Lee, one of the founders, saw how challenging it was for his parents to access healthcare through an interpreter. He also noticed that existing Medicare Advantage provider directories have a limited number of providers that understand his parents’ culture and lifestyle which made it harder for them to access healthcare on their terms. Clever Care was founded to assist members who are looking for a Medicare Advantage plan that understands their cultural needs.
“Our syndicate of investors shows the commitment to improve health care cost and accessibility in the Medicare segment. With this financing we will build a high-quality Medicare Advantage health plan that is affordable and accessible,” commented Dave Firdaus, CEO, Clever Care Health Plan. “We are delighted to have such strong financial support as we work to better serve Medicare populations with multicultural needs.”
Casper de Clercq, general partner at Norwest, will join the company’s board of directors. He brings over 30 years of healthcare industry experience and will add robust background and knowledge to the Clever Care team.
“The team at Clever Care has extensive relevant experience in the value-based care model for Medicare Advantage members. Each member of the senior leadership team has at least 15 years of operating experience in delivering high quality customer service to Medicare members,” said de Clercq. “We are delighted to participate in this unique Medicare Advantage program. I look forward to joining the board as we work to provide improved Medicare coverage for seniors in California.”
“Medicare spending was 15 percent of total federal spending in 2018 and is projected to nearly double due to the retirement of the Baby Boom Generation and the rapid growth of per capita healthcare costs,” said Sean Doolan, healthcare partner at Global Founders Capital. “We are excited to partner with the Clever Care Health Plan team and fully believe in their bold vision to create a progressive and affordable Medicare Advantage plan that will dramatically expand access to high quality care for diverse communities.”
Clever Care Health Plan’s Founders are experienced Managed Care executives, led by CEO Dave Firdaus, COO Myong Lee, and CFO Hiep Pham, who are focused on providing a culturally sensitive Medicare Advantage health plan to the local communities in California.
About Clever Care Health Plan
Clever Care Health Plan, Inc. is a private company headquartered in Little Saigon, Orange County, CA, that offers enhanced benefits. Clever Care also operates a second office in Arcadia, Los Angeles County, CA. Detailed information can be found at www.CleverCareHealthPlan.com.
About Norwest Venture Partners
Norwest is a leading venture and growth equity investment firm managing more than $9.5 billion in capital. Since our inception, we have invested in more than 600 companies and partner with over 150 active companies currently in our venture and growth equity portfolio. The firm invests in early to late stage companies across a wide range of sectors with a focus on consumer, enterprise, and healthcare. We offer a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Palo Alto and San Francisco, with subsidiaries in India and Israel. For more information, please visit www.nvp.com. Follow Norwest on Twitter @NorwestVP.
About Global Founders Capital (GFC)
Global Founders Capital (GFC) is a globally oriented early stage venture capital firm that supports exceptional founders over multiple stages throughout their entire company lifecycle. With over $2 billion in capital under management, GFC has invested in more than 200 companies to date across all categories, including enterprise, consumer and healthcare. GFC has over sixteen offices throughout the world. To learn more, please visit www.globalfounderscapital.com.
About Medicare Advantage
Medicare Advantage Plans are a type of Medicare health plan offered by a private company that contracts with Medicare to provide all your Part A and Part B benefits. Most Medicare Advantage Plans also offer prescription drug coverage. Medicare Advantage is the fastest growing segment in health insurance. An estimated 10,000 seniors age into the Medicare program every day.