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Minneapolis based on-demand insurance platform for self-insured employers Bind Benefits has raised a $60m funding round led by Lemhi Ventures.
Miller has quietly built the Minneapolis-based company, Bind Benefits Inc., for more than a year. It already has 50 full-time employees, about 20 contract workers and six business customers. Following the funding round, Miller expects to add between 50 and 70 more jobs and take Bind into six new markets. Bind’s customers are employers that self-fund their insurance. The company doesn’t plan to create products for the individual or Medicare Advantage insurance markets, both of which have been popular with venture-capital-backed health care startups. One unusual feature of Bind’s plans is they do not require that patients meet deductibles or pay co-insurance. Members pay a premium plus co-pays for specific treatments and visits. The plans do have out-of-pocket maximums.
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