Navera, a leading provider of benefits engagement solutions, today announced that it has secured $8 million in Series B funding in a raise led by Bill Ericson, General Partner at Mohr Davidow Ventures (MDV), with participation from existing investor, Gordon Ritter of Emergence Capital Partners.
Navera is addressing a sea change in the healthcare industry, driven by a shift from defined benefits to defined contribution models, the growing adoption of high deductible health plans, the aggressive deployment of private exchanges and direct-to-consumer marketplaces, and the need for consumers to select a combination of healthcare and voluntary benefits to attain more complete and cost-effective coverage. Each of these market trends demands a cloud-based solution for engaging and educating consumers who face the challenge of independently making decisions regarding healthcare benefits.
In response to these market trends, Navera will use the funds to continue to fuel product and channel development that will enable the Company to achieve its broader vision of providing self-service benefits portfolio management in the new era of consumer-driven healthcare. This funding brings the total amount of equity capital raised by Navera since its inception to $16 million. As a result of this financing, Bill Ericson will join the Navera Board of Directors.
'Enabling consumers to make well-informed decisions about their healthcare benefits addresses a critical challenge in a healthcare industry undergoing a great deal of change,' stated Mr. Ericson. 'And marrying a large market opportunity with a metrics-driven team that can execute is a great formula for success. Navera CEO Steve Adams is one of the best operators in the business, and I'm excited to be teaming with him again.'
'We're excited about our continuing investment in Navera,' stated Gordon Ritter, Co-Founder and General Partner, Emergence Capital Partners. 'The company is building an industry cloud solution in Personal Benefits Portfolio Management, helping benefit providers communicate complete and cost-effective benefits options to consumers. Navera has created a platform that addresses a significant pain point in the rapidly-changing insurance industry. We are looking forward to partnering with them during this next phase of growth.'
'We're delighted to have the backing of Bill Ericson and MDV, as well as the continued support of Emergence Capital,' stated Steve L. Adams, Navera CEO. 'This is an exciting time in our company as we grow and deliver benefits engagement solutions that revolutionize the way we engage, educate and support the decision making of healthcare consumers. Teaming up with experienced industry cloud experts like Emergence and Bill Ericson, who has had a track record of success in consumer-driven healthcare, is a great win for the team at Navera.'
About Mohr Davidow Ventures
For 30 years, the Mohr Davidow Ventures (MDV) team has invested in early stage technology-based startups that redefine or create large new markets. The firm partners with exceptional entrepreneurs to build companies where big data, applied analytics, and the reach and power of the web/mobile cloud can be leveraged to drive emerging opportunities in verticals ranging from social commerce to finance to online marketing and consumer-driven healthcare. Leading companies funded by MDV include: Agile; BandPage; Brocade; BuildDirect; Coupa; HealthTap; Hotchalk; Infusionsoft; Kabbage; Proofpoint; Rally Software; Rambus; Retention Science; Rocket Fuel; Ruby Ribbon; Shutterfly; Storefront; Ticketfly; and Work Fusion. For more information, visit www.mdv.com.
About Emergence Capital Partners
Emergence Capital Partners, based in San Mateo, Calif., is a leading venture capital firm focused on early and growth-stage enterprise cloud companies. Its mission is to invest in the cloud visionaries who are building the most important business applications. The firm's investments include companies such as Salesforce.com (CRM), SuccessFactors (SFSF), Veeva Systems (VEEV), Yammer (acquired by Microsoft), Box, and Lithium. Emergence Capital has $575 million under management. More information on Emergence Capital can be found at http://www.emcap.com.
About Navera
Navera is a leading provider of a cloud-based benefits engagement service that enables consumers to select the healthcare and voluntary benefits that most closely match their needs. Headquartered in San Francisco, Navera takes a portfolio approach to benefits enrollment and provides users with an engaging and personalized consumer experience that provides a better understanding of benefit options and how they work together to provide the most complete and cost-effective coverage. Consumers are able to make confident, well-informed decisions while enjoying an informative and entertaining enrollment process. To learn more about Navera and the 2014 Fall Release, please visit www.navera.com.