VC-Backed Health Care Startup Gravie Cuts 25 Percent Of Workforce

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By Katharine Grayson, Minneapolis-St. Paul Business Journal

“Health care startup Gravie has cut 21 employees, citing weak capital markets and a need to conserve cash for future investments.  The staff reduction was concentrated in Minneapolis and amounted to 25 percent of the company’s workforce, CEO Abir Sen said in an interview.”

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Minneapolis health tech startup Gravie pulls in $10.5m series A, plots expansion

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“MINNEAPOLIS, March 17, 2014 /PRNewswire/ — Gravie announced today that it has raised $10.5 million in a Series A financing round led by Aberdare Ventures. Existing investor FirstMark Capital also contributed to the round, which brings the total funding raised by the company to $13M. The funding will enable the company to scale up its operations and expand its services to all 50 states by 2015.”

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Gravie launches in Minnesota

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GravieWhen repeat health tech entrepreneur Abir Sen quietly left Bloom Health post acquisition, his plan was to take a year off and consider what’s next.

“I saw all the changes happening with healthcare reform firsthand,” he says in reflection.

“Like anything, there are patterns, trends and gaps. While Obamacare would certainly create the promise of healthcare access for more individuals, they were going to need the right method of getting there.”

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Pinterest backers invest in Abir Sen’s new health startup

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By Katharine Grayson, Minneapolis – St. Paul Business Journal

“Serial health care entrepreneur Abir Sen has launched a startup that aims to be the Charles Schwab of health insurance. And he’s attracted some well-heeled investors who want to bet on his vision.

Sen’s Minneapolis-based company, Gravie, lets consumers shop and pay for health insurance coverage online. Users don’t have to scour both the private market and public exchanges like Minnesota’s MNsure for the ideal plan. Instead, Gravie will pick the best option from either marketplace, in much the same way a securities firm buys shares of a specific stock through either the New York Stock Exchange or Nasdaq, Sen told me in an interview Monday.

Gravie recently raised $2.6 million in venture capital in a round led by FirstMark Capital, a New York firm that has backed well-known tech tech startups like Pinterest and StubHub.”

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Stealthy health-tech startup Gravie raises $2.6m

GravieWhat do Abir Sen, Jill Prevost and Marek Ciolko have in common?

(a) They were at one time co-founders and/or executives with Bloom Health & RedBrick Health

(b) They are now co-founders of a new stealth health tech startup called Gravie

(c) They are named on a recent SEC disclosure filing indicating $2.6m in equity funding

(d) All of the above

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Bloom Health expands Minneapolis Headquarters

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By Katharine Grayson, Minneapolis-St.Paul Business Journal

Bloom Health, a fast-growing startup, will expand its headquarters with a move to the 15 Building in Minneapolis’ Warehouse District.

The company recently signed a lease for 16,000 square feet at 15 Fifth St. S. The space is nearly four times the size of Bloom’s existing office at 10 S. Fifth St. and will accommodate the company’s growing staff, which now numbers 50, said Abir Sen, CEO of the firm.”

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Bloom Health wants to upend how employers buy health insurance

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By Arundhati Parmar, MedCity News

“Serial entrepreneur Abir Sen wants to revolutionize how employers buy health insurance for their workers as well as provide more control and choice to employees in how they choose health benefits.

Sen is the founder and CEO of Minneapolis, Minnesota startup Bloom Health. The startup announced last week that it has signed up Blue Cross Blue Shield of Michigan, the largest insurer in that state, and Medica, a Minneapolis health plan, to provide health benefits through Bloom’s newly launched private health exchange.”

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The Windy City Blows More Cash Into Bloom Health

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Bloom Health Minneapolis-based Bloom Health has raised a $7.5m series B equity round from Chicago’s BC/BS Venture Partners and Sandbox Industries according to an SEC doc filed last week.

The funding comes one year after an initial $5m investment from the same investors. A spokesperson from Bloom also notes one “anonymous partner” was involved in the new round.

Bloom Health operates in the business of helping employers, employees and individuals “take control of their health benefits” by acting as a virtual matchmaker.  Using a defined contribution approach, the firm does two things:

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