Mployer Advisor is ending 2021 with a fresh cash infusion.
The Nashville-based health tech firm has secured a $1.6 million investment, according to a news release, led by Martin Ventures, with participation from other investors.
This is the second round of funding that Mployer — which helps businesses search and evaluate insurance brokers — has received from Martin Ventures in less than a year. In December, the Nashville-based investment firm invested an undisclosed amount in Mployer, with participation from Nashville health care veterans Trilliant Health CEO Hal Andrews, RevSpring CEO Scott MacKenzie and former Trilliant executive and current PYA Chief Development Officer Jeff Pate.
Founded in 2020, Mployer’s platform uses rating systems that assigns a score to more than 15,000 insurance brokers based on their range of experience. Users can also search more than 25,000 reviews of insurance brokers. The platform’s aim is to help an employer choose the insurance broker that best fits their needs based on factors such as industry, price and size.
The company will use the new funds to add features to its platform, hire for additional leadership roles and expand its insurance broker network, according to the release.
“This investment will accelerate Mployer Advisor’s mission to create greater transparency for employers into their $1 trillion benefit spend annually, and connect them with the right resources to achieve high-quality, cost-effective benefits,” Brian Freeman, founder and CEO of Mployer, said in the release. “Few employers realize that who they select as their insurance broker has a more significant impact on cost and quality than who they select as their carrier. We are fortunate to be partnering with the Martin Ventures team and other industry leaders to drive value to employers and top brokers.”
Freeman, a former HCA Healthcare Inc. executive, said Mployer has 20 employees and recently moved into a new 600-square-foot office inside Cummins Station.
“Mployer Advisor is changing the way employers purchase over $1 trillion in benefits each year,” Devin Carty, CEO of Martin Ventures, said in the release. “We are excited to partner with the leadership team and other investors to grow and scale Mployer Advisor nationally.”
