Coverance Insurance Solutions, a national health insurance brokerage specializing in Medicare coverage, has agreed to a multi-million-dollar funding deal with revenue-based financing firm Decathlon Capital Partners.
Decathlon Capital’s funding will support the company’s growth and enhanced customer service as they deliver insurance services to senior citizens across the U.S.
Coverance connects senior citizens with the Medicare insurance plan that best fits their needs. The company uses experienced agents and its proprietary technology platform to navigate the Medicare Advantage, Medigap, and Part D prescription plan markets and place consumers in the optimal plans that fit within their budget.
“As the U.S. senior population grows and health insurance options become more complex and confusing, Coverance is a critical resource that delivers the best insurance options to seniors, protecting their health and financial well being,” said Chris Mullins, Coverance founder and CEO.
As the company continues expanding to meet the growing demand in the Medicare insurance marketplace, having partners like Decathlon Capital is key, said Coverance CFO Michael Kim.
“Our key partnerships with companies like Decathlon Capital have allowed Coverance to scale and serve more seniors with this empowering insurance brokerage model,” said Kim.
Decathlon Capital, which funds growth companies with strong revenue track records, agreed to terms with Coverance on a funding deal that will be paid back through future revenue, not through equity. This model gives Coverance extra flexibility as it scales.
“Decathlon Capital’s funding formula is designed to empower the founders and company owners who built their businesses, delivering growth capital without taking precious equity or company control,” said John Borchers, Managing Partner of Decathlon Capital.
About Coverance Insurance Solutions
Coverance Insurance Solutions, Inc. is a licensed insurance brokerage focused on meeting the needs of seniors in the Medicare health insurance marketplace. Headquartered in Long Beach, California, Coverance is dedicated to the mission of helping seniors make the best choices when selecting their health insurance. Learn more at http://www.coveranceis.com/
About Decathlon Capital Partners
Decathlon Capital Partners provides growth capital for companies seeking alternatives to traditional equity investment. Through the use of highly customized revenue-based financing solutions, Decathlon provides long-term growth capital without the dilution, loss of control and operational overhead that often comes with equity-based funding. With offices in Palo Alto and Park City, Decathlon is the largest revenue-based funding investor in the U.S. and is active across a wide range of sectors. Learn more at https://www.decathloncapital.com.
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