Brooklyn-based health insurance and predictive analytics startup Zipari announced Wednesday that they raised a $7 million Series A financing round led by Vertical Venture Partners.
Zipari sells a suite of customer relationship management (CRM) software called InsureCX, specifically designed for health insurance. The program comes with predictive analytics about accumulating or eventual needs of policy holders, which could prompt companies to offer add-ons to insurance plans or theoretically reminders from the company to check in with specialists for anyone at risk for certain diseases or conditions. The company sports giving its users “real-time insights into consumer behavior.”
“This capital expands our ability to address insurance carriers’ need for analytics to understand customers, and highly customized CRM solutions,” Zipari CEO and Founder Mark Nathan said in a press release. “It is acknowledgement of our success in helping insurance companies personalize offerings, gain real-time consumer behavior insight, monitor member value, intelligently reengage consumers, and our team’s ability to implement fast and maintain easily.”
David Schwab, managing director at Vertical, also participated in the company’s seed funding round back in September 2014.
“Zipari is led by a management team with extensive experience in the insurance industry,” Vertical Venture Partners Founder and Managing Director David Schwab added in a press statement. “They are scaling a business that is supported by customer revenue. They have developed a complete product portfolio and they are driving success through a well-tested vertical approach.”
Insurtech startups are booming these days with several eight-digit funding rounds over the last year or so. Those companies have not been limited to health, also covering car insurance, smart homes, and small plans.
Rounds to note in just the last few weeks include Lemonade’s $34 million Series B, Embroker’s $12.2 million Series A, Toronto-based LEAGUE’s $25 million, a $20 million Series B for Sacramento’s One, Inc., Hippo‘s $14 million Series A, a $28 million Series A round for German startup FinanceFox, and a $15 million Series B for Berlin’s Friendsurance.