Array Health, the leading provider of private health insurance exchange technology, today announced that it closed a $13 million funding round. Led by Noro-Moseley Partners, the round also included investment from Vocap Investment Partners. Healthcare Growth Partners represented the company in this transaction.
Plans for the new capital include further investment in the company's technology platform and accelerating growth to meet market demands. The company anticipates supporting its growth initiatives by expanding its product development, sales and marketing teams.
Founded in 2006, Array Health pioneered private exchange technology and ran multi-insurer exchanges in the Pacific Northwest before focusing on powering private exchanges for health plans. With the passage of the Affordable Care Act, the interest and demand for affordable and consumer-centric health insurance platforms dramatically increased. Analysts predict that by 2018, approximately 40 million people will purchase health insurance through a private exchange thus fundamentally transforming the health insurance landscape.
'Array Health is reinventing the way people purchase health insurance,' said Spence McClelland, Noro-Moseley partner. 'The health insurance industry is poised for dramatic change and a shift to the e-commerce experiences consumers have grown accustomed to in other industries. Array Health has proven itself to be an innovator in this field and we believe they have the potential to lead the market.'
'The investments from Noro-Moseley and Vocap Investment Partners validate our success and vision as a company. We are fortunate to have such fantastic partners,' said Array Health CEO Jonathan Rickert. 'By leveraging this capital, we can accelerate our growth to meet market demand and create new offerings that align with our vision of powering a more personal health insurance experience.'
About Array Health
Array Health is a leading provider of private insurance exchange technology. Its cloud-based software platform enables health plans of any size to deliver their own branded online exchange-a strategic channel that helps them compete and thrive. It also provides employers a new way to control costs and gives members a better way to buy benefits. Array Health is a privately held company based in Seattle. To learn more, visit: http://www.arrayhealth.com.
About Noro-Moseley Partners
Noro-Moseley Partners (NMP), based in Atlanta, is a venture capital firm that has invested in more than 170 leading early-growth-stage companies in the technology, healthcare and business services industries. The managers of NMP's current fund, Noro-Moseley Partners VII, have more than 60 years collectively of direct venture investing experience and bring a diverse set of skills to assist entrepreneurs in growing their companies. For more information, visit: http://www.noromoseley.com.
About Vocap Investment Partners
Vocap Investment Partners provides growth capital to technology companies in select high potential verticals, including: Enterprise Software, Marketing/Marketing Automation, Mobile, the Internet of Things, Healthcare IT and E-commerce. For more information, visit: http://www.vocappartners.com.
About Healthcare Growth Partners
Healthcare Growth Partners (HGP) provides investment banking and strategic advisory services with an exclusive focus on health informatics and digital health. Since 2005, HGP has closed over 65 transactions representing over $1 billion in value, including sell-side, buy-side and capital formation. For more information, visit: http://www.hgp.com.