DALLAS, Aug. 11, 2020 /PRNewswire-PRWeb/ -- Take Command Health, a health reimbursement arrangement administrator, announces that it has closed a $2 million bridge round led by LiveOak Venture Partners. The funds will be used to bolster the strategy, development, compliance, and sales teams and streamline the user experience as the startup responds to an uptick in HRA signups. Since March, 17 strategic new hires have come on board to support the growth.
Founded in 2014, Take Command Health is on a mission to accelerate the widespread adoption of the reimbursement model of benefits by offering a simple administration platform to help businesses and individuals save on health insurance.
The company's growth correlates with increased interest in health reimbursement arrangements (HRAs) as companies move away from employer-sponsored health insurance and look for more predictable, affordable and flexible benefits solutions. The 401(K)-style model has proven to be a valuable ally for businesses as they weather the economic fallout from COVID-19.
"With the HRA model gaining traction, it's time for us to ramp up to accommodate the increased demand," shares Jack Hooper, CEO, Take Command Health. "We're excited to partner with LiveOak as we continue to drive growth."
HRAs are gaining momentum for good reason. They offer employers flexibility, predictability and budget control for benefits as companies make strategic planning decisions for the coming uncertainty. There's no risk to manage, no participation rates to worry about, and no premium hikes. The business owner simply sets a monthly reimbursement amount, employees choose an individual insurance plan of their choice, and the employer reimburses for premiums and qualified medical expenses tax-free.
"We're excited to partner with Jack and the team at Take Command Health," says Mike Marcantonio, Principal at LiveOak Venture Partners. "They've emerged as the leader in the HRA industry with an offering that helps employers address the challenges of traditional group plans, including rising premiums, heavy administrative burden, and limited benefit options for employees. As a result, the company is seeing rapid adoption with thousands of employers using the platform."
About Take Command Health
Take Command Health launched in 2014 with the goal of bringing awareness, advocacy, and transparency to the confusing world of health insurance. It's now at the forefront of this issue, a recognized leader in QSEHRA administration and a loud proponent of the new Individual Coverage HRA, with customers in every state.
About LiveOak Venture Partners
LiveOak Venture Partners is a venture capital fund based in Austin, Texas. With 20 years of successful venture investing in Texas, the founders of LiveOak have helped create nearly $2 billion of enterprise value. While almost all of LiveOak's investments begin at the Seed and Series A stages, LiveOak is a full life cycle investor focused on helping create category leading technology and technology-enabled service companies headquartered in Texas. LiveOak Venture Partners has been the lead investor in over 30 exciting high-growth Texas-based companies in the last seven years including ones such as CS Disco, Digital Pharmacist, OJO Labs, Opcity and TrustRadius.
SOURCE Take Command Health
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