Vivek Ramaswamy's medicare start-up raises $75M at $1.5B valuation
What's the story
Chapter, a Medicare advisory start-up co-founded by former Republican presidential hopeful Vivek Ramaswamy, has raised a whopping $75 million in funding.
The investment, which values the company at an impressive $1.5 billion, was led by private equity and venture firm Stripes.
The company's unique approach is to help seniors choose medicare health plans based on doctors, hospitals, and prescription drug coverage.
Client focus
Chapter prioritizes client needs over insurer profits
Chapter differentiates itself from other medicare insurance brokers by putting the needs of its clients ahead of the profits of insurers.
This unique business model has drawn a lot of attention and investment into the company.
The start-up's dedication to serving seniors is also highlighted by its leadership team, which includes prominent names from both Republican and Democratic backgrounds.
Funding history
Vance and Thiel's involvement in Chapter's funding rounds
Naraya, a venture capital firm founded by Vice President JD Vance, led Chapter's Series A round in 2020.
Another investor in the company, Peter Thiel, took over Vance's board seat after he resigned to run for Senate in 2021.
Although Thiel has since stepped down from Chapter's board, the company continues to attract diverse investment and leadership representation.
Board changes
Donna Shalala joins Chapter's board amid political diversity
Democrat Donna Shalala, a former Secretary of Health and Human Services under Bill Clinton and ex-US Congresswoman, has replaced Thiel on the board.
Despite the political diversity on Chapter's board, Shalala told Bloomberg that Ramaswamy's role and investments from Republicans Vance and Thiel weren't a problem for her.
She stressed her view of the company by saying, "I don't think of the company as political."