May 13th 2024
By Jordan McElwain
The fundraise will be used to accelerate product development for America’s retirees to get the most consumer-first Medicare guidance with the best available technology.
By Cobi Blumenfeld-Gantz
We're excited to announce that we raised $50 million in Series C funding led by XYZ Venture Capital with participation from existing investors Narya Capital, Addition, Susa Ventures, and Maverick Ventures. This capital will accelerate product development and hiring as Chapter scales to support 10x more Americans in need of better healthcare coverage. Chapter is also proud to be the Medicare partner for the most forward-leaning healthcare and financial institutions in the country, and the new funding will expand Chapter’s ability to offer cutting-edge enterprise capabilities that drive growth for partners.
Selecting a Medicare plan is one of the most consequential decisions retirees face. Chapter ensures consumers get the right Medicare coverage for their needs at the lowest possible price. As the only unbiased Medicare navigation platform, Chapter aligns incentives between Medicare advisors and consumers by considering all options and making recommendations independent from economic relationships. The Company’s proprietary technology platform ensures the highest quality guidance at scale, allowing it to serve both individual members and organizations that support seniors, including financial advisories, health systems, and content publishers.
“The Medicare industry is in the midst of rapid transformation at every level: policy and regulation, consumer expectations, and underlying plan design. Chapter brings a fiduciary approach to Medicare guidance and advocates for policies that protect consumers,” says Chapter CEO Cobi Blumenfeld-Gantz “I’m so excited to deepen our partnerships across the industry to move faster toward every American getting the Medicare guidance and experience they deserve.”
This fundraise comes on the heels of the most significant regulatory change to how Medicare will reach consumers in over a decade. As the only broker invited to testify before Congress on necessary improvements to Medicare, Chapter pushed for realigning incentives to benefit consumers — a point of view that has since helped shape the newly-issued rules. As one example, the Centers for Medicare and Medicaid Services (CMS) will now prohibit lead generation websites from selling consumer data to multiple buyers simultaneously. This is a welcomed change that will reduce unwanted calls and harassment for America’s seniors. All of this aligns with Chapter’s view of the industry, making it one of the only players in the market advocating for consumer-centric service in compliance with these new rules.
Chapter has partnered with the leading financial institutions, health systems, and content publishers to grow quickly and efficiently. With over 4x year-over-year growth and 5x less churn than the industry standard, Chapter is the frontrunner in the category, influencing how both regulators and industry leaders believe Medicare should be delivered in the future.
“Chapter has designed state-of-the-art technology that makes a truly best-in-class experience work at scale for seniors, while still providing deep, granular information on providers, drug pricing, and more,” says Ross Fubini, Managing Partner at XYZ Venture Capital. “They’re also seeing this incredible pull from the ecosystem at large. Investment advisors, hospital groups, physicians — the biggest content sites devoted to seniors — they’re all eager to deliver better value to their customers and see Chapter as the way to do it. They’re exactly the type of team that makes us so excited to invest in the public sector, and work with folks like them from their earliest innings.”
In addition to this funding announcement, Chapter is excited to share the launch of its new Over The Counter (OTC) app, enabling consumers to quickly and easily redeem OTC benefits in their plans. Many Medicare plans include a host of benefits, but these features are often difficult to navigate and access. The Chapter OTC product allows consumers to scan their insurance card and quickly get the benefits they’ve been promised. This is just one example of the new products the Chapter team has been building, with more to come on the roadmap.
Chapter is excited to bring on new partners, who are already seeing significant organic growth and retention by partnering with Chapter for Medicare guidance. Whether they are healthcare systems, financial services institutions, or senior-facing content publishers, their connections with Chapter have allowed them to amplify the positive impact they too can make on their patients, clients, and readers — all contributing to a better, more holistic system of care for our aging population.
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For more information, please contact:
Jordan McElwain
[email protected]
