Clara Insurance, a US-based insurance technology company that provides financial support to people with health recovery, announced that it has raised $5.5 million in seed funding led by Two Sigma Ventures, with participation from Founder Collective, RGAX LLC, SymphonyAI, and others.
The company will utilise the financing to launch a modern supplemental benefit, powered by smart technology, for employers looking to offer better health coverage to employees and their families.
“It’s time we face the fact that millions of Americans are experiencing financial hardship because of a serious health issue,” said Clara Founder and CEO, Veer Gidwaney. “Companies that care for their employees and strive to retain top talent want to offer benefits that provide more wide-ranging coverage for their teams and their families. We built Clara because people deserve better.”
Clara’s customizable plans offer the option of additional coverage for chronic conditions and mental health, and with no pre-existing condition exclusions. The company claims that the members can use Clara payouts for medical bills or everyday expenses like childcare, groceries, or transportation until they’re back on their feet.
The company said that its supplemental benefit plan provides wide-ranging, personalized coverage, delivering quick cash payments for up to 93% of issues that require immediate medical attention.
Founded in 2019, Clara is modernizing supplemental health benefits to build a world where health hardship doesn’t mean financial hardship. The company is headquartered in New York City.
