Friday Health Plans Management Services Co., a Denver-based health insurance holding company, has raised $120 million in funding to primarily offer its health plans in new Affordable Care Act marketplaces.
The company, founded in 2015, has seen 400 percent membership growth year over year for the past two years. It serves more than 330,000 members across seven states and will bring in an estimated $1.95 billion in revenue this year, according to a May 25 news release.
The new funding comes from an agreement for $70 million of equity investment led by Leadenhall Capital Partners. Vestar Capital Partners, Peloton Capital Partners and others also contributed. In addition, Leadenhall is providing $50 million in debt financing.
"More people are finding value in our simple, practical health plans designed for people who don't get insurance through their employer," CEO Sal Gentile said. "We are built specifically to give them great health benefits and superior service — all at an affordable price. And we're able to do this because we focus solely on serving this growing consumer segment."