Ansel Raises $20M to Bring Simpler, Supplemental Insurance to Americans Nationwide

2024-01-23

NEW YORK--(BUSINESS WIRE)--Ansel, an insurtech on a mission to build a world where health hardships don’t create financial burdens, announced that it has raised a $20M round of funding led by Portage, with participation from Two Sigma Ventures, Brewer Lane Ventures, SixThirty Ventures, Plug and Play Ventures, Digitalis Ventures, Symphony AI, Operator Partners, Morgan Creek Capital Management, and several others.

'Since launching Ansel in 2019, we\u2019ve made significant progress bringing modern supplemental insurance to more Americans by teaming up with leading insurance carriers and benefits brokerage firms across the country'

Ansel brings best-in-class technology to simplified supplemental insurance by issuing payouts if members are diagnosed with any of 13,000+ conditions from concussions to cancer. Since its inception, the company has demonstrated that there is a market for a new kind of benefit that offers a simplified claims experience, and painless, paperless implementation, enrollment and ongoing administration.

The new infusion of capital, which brings Ansel’s total raised to over $50M, will enable the company to continue to grow the availability of its modern supplemental insurance solution to employees nationwide.

“Since launching Ansel in 2019, we’ve made significant progress bringing modern supplemental insurance to more Americans by teaming up with leading insurance carriers and benefits brokerage firms across the country,” said Ansel’s Founder and CEO, Veer Gidwaney. “This financing is an important step towards making health hardships less of a financial burden for Americans nationwide.”

The investment comes on the heels of several important milestones for the company. Last year, Ansel began enabling claims automation, which leverages medical claims data so that members receive benefits without having to file a claim. This simplified claims experience, paired with a dedicated support model, are just a few of the reasons that Ansel earned a net promoter score of 90 in 2023. Ansel is made available in partnership with several established insurance carriers in 39 states on its way to nationwide availability.

"We believe Ansel's pioneering approach to supplemental insurance will transform the US health insurance landscape, particularly as the country continues to see growing enrolments into high-deductible health plans. Ansel's product offers members a more accessible and simplified path to comprehensive healthcare coverage. We are excited to support the team as they enter their next phase of growth," said Ricky Lai, Partner at Portage.

In addition to announcing its financing, Ansel also entered 2024 with a fresh new name. “Ansel”, which translates to “protector” in German, signals the company’s first commitment to its members: shielding them from the financial impact of unforeseen health events. Alongside its new name and wordmark, the brand welcomes several elements to Ansel’s visual identity that serve to evoke a trustworthy and grounded insurance brand that is rooted in simplicity, and built for everyone.

To learn more and get in touch, visit joinansel.com or email info@joinansel.com.

About Ansel

Founded in 2019, Ansel Health Inc. (“Ansel”) is an insurance technology company on a mission to build a world where health hardships don’t create financial hardships. Their new type of supplemental health insurance plan covers 13,000+ conditions and pays cash benefits upon diagnosis of a covered condition with no accident or hospitalization requirements. Ansel is made available in partnership with established insurance carriers that insure tens of millions of Americans and their families. For more information, visit joinansel.com and follow us on Linkedin.

About Portage

Portage is a global investment platform focused on FinTech and Financial Services with over US $2.5 Billion assets under management.

Our team partners with ambitious companies across all stages, through Portage Ventures and Portage Capital Solutions. We provide flexible capital and deliver a global network of investors, commercial partners, advisors, and value creation experts. With deep industry knowledge and entrepreneurial experience, Portage is committed to supporting the leaders who are reshaping financial services. Portage operates in the United States, Canada and Europe. Portage is a platform within Sagard, a multi-strategy alternative asset management firm with over $15B under management. For more information, visit www.portageinvest.com.