# Bind Benefits

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/bind-benefits

- Industry: Insurance
- Headquarters: Minneapolis, US
- Website: www.yourbind.com
- Total disclosed funding: $178M
- Latest round: Series B (Oct 21, 2020)
- Investors on record: 3

## About

Based in the US, Bind Benefits, Inc. offers innovative employer-sponsored health plans designed to enhance healthcare affordability while ensuring comprehensive coverage for employees.Bind Benefits, Inc. was founded in 2016 in Minneapolis, US, providing advanced health plan solutions. The founders, Regis Plattard and Shawn Wagoner, aimed to revolutionize healthcare delivery. In October 2020, the company raised USD 105 mn in Series B funding from Ascension Ventures, bringing the total funds raised to USD 105 mn with a current valuation of USD 1,079.81 mn.Bind Benefits provides employer-sponsored health plans that comply with the Affordable Care Act (ACA) for businesses with two or more employees. Their offerings include self-funded, fully insured, and level-funded health plans aimed at improving healthcare affordability and enhancing coverage for diverse client bases, particularly small and medium-sized enterprises. The plans cater to individuals with varying health conditions, focusing on those with chronic conditions to reduce costs and out-of-pocket expenses. Bind's health plans are available across multiple U.S. states, adapting to local regulatory requirements while maintaining consistent value and care quality.Bind Benefits generates revenue by partnering with employers to provide customized health plan solutions. The revenue model is based on direct contracts with employers, combining subscription-based services for plan management and administrative support, as well as premium payments depending on the selected plan type—self-funded, fully insured, or level-funded. The pricing structures reflect the comprehensive nature of the services and consider employee health demographics and desired coverage levels, facilitating a sustainable revenue stream that enhances healthcare accessibility while lowering overall costs for employers and employees.Bind Benefits plans to leverage its recent Series B funding of USD 105 mn raised in October 2020 to expand its product offerings and market reach. The company is currently designing new health plan products tailored to diverse employee needs, aiming for a rollout in 2021. Additionally, Bind is exploring opportunities to enter new geographical markets in the U.S., with specific targets set for expansion by mid-2022, which will further enhance its ability to serve employers seeking innovative healthcare solutions.

## Funding rounds

- Series B, Oct 21, 2020, $105M — Ascension Ventures
- Series A, Jun 18, 2018, $70M — Ascension Ventures, Lemhi Ventures, United HealthCare Services, Inc.
- Seed, Jul 11, 2017, $2.5M — Lemhi Ventures

## Investors

- Lemhi Ventures (https://capitalatlas.ai/funds/lemhi-ventures) — Seed, Series A
- Ascension Ventures (https://capitalatlas.ai/funds/ascension-ventures) — Series A, Series B
- United HealthCare Services, Inc. — Series A