Health Insurance Startup Devoted Health Quietly Raised $380 Million
Devoted Health, a startup that sells health insurance to seniors, quietly raised $380 million last year, three people familiar with the matter told Insider. The round, led by Uprising, closed in July 2020, two people close to the company said. The sources were not authorized to speak on the record.

Devoted declined to comment on various details of the round, including why it wasn’t announced. Uprising did not respond to a request for comment.

A person with direct knowledge of the matter told Insider that Devoted raised the money to fund growth, which isn’t easy in the crowded Medicare Advantage market.

The company, which was founded in 2017, is one of a crop of new startups aiming to capture a piece of the Medicare Advantage market and has attracted much fanfare from the beginning.

As of late 2019, Devoted planned to acquire more than 100,000 members by 2023, Insider reported. Devoted sold plans in Florida and Texas in 2020, and expanded into two new states, including Arizona and Ohio, for 2021.

Devoted is still a minor player in Medicare Advantage, but it’s growing faster than some of its startup competitors. It had 33,800 members across four states as of January 1, more than  double the members it had in 2019. 

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