DENVER, June 3, 2020 /PRNewswire/ -- Friday Health Plans, a Denver-based health insurance holding company, announced today that the Colorado Impact Fund has made an investment in the company as part of the most recent financing led by Peloton Equity and Leadenhall Capital Partners. This latest capital infusion supports Friday's continued job creation and expansion of affordable health insurance in rural Colorado.
Friday Health Plans offers individual and small group health insurance plans in 36 Colorado counties, including many rural areas which have few alternative health plan options. With its operations center located in Alamosa, Colorado, Friday employs more than 90 San Luis Valley residents, purchased its Alamosa offices last year as a long-term investment in the community, and also has contributed funds to help create the San Luis Valley Cancer Center.
"We are extremely excited to partner with the Colorado Impact Fund and share their vision of growing jobs in rural Colorado and providing more affordable health insurance," said Sal Gentile, CEO of Friday Health Plans.
The Colorado Impact Fund has a particular focus on expanding access to healthcare and boosting economic development in underserved communities.
"Our investment in Friday Health Plans is a unique opportunity for our Fund to support a company that is both creating high quality jobs in the San Luis Valley and expanding affordable healthcare options in Colorado and beyond," said Ryan Kirkpatrick, Co-Managing Partner of the Colorado Impact Fund. "The Friday Health Plan team is building an innovative platform in the health insurance market and we are excited to support the company and its expansion."
Friday Health Plans began its growth stage after acquiring Colorado Choice Health Plans in 2017. The company has more than tripled its individual membership after expanding across Colorado and New Mexico. After securing $50 million from Peloton Equity and Leadenhall Capital Partners last year, Friday is poised to enter multiple new states in 2021. As unemployment numbers rise and individuals lose their employer health coverage due to COVID-19, more people are expected to enroll in individual health plans in the coming year.
About Friday HealthPlans: Friday Health Plans is purpose-built specifically for people and small businesses who buy their own health insurance. The company focuses on overall simplicity to offer affordable health plans with benefits that help members stay healthy and cover them if they get sick or hurt. Operational efficiency, top-notch customer service, and smart technology are core to Friday's consumer-centric approach. Headquartered in Denver, insurance products and services are state-based subsidiaries of Friday Health Plans Management Company, Inc. For more information and to find a health plan, visit https://www.fridayhealthplans.com.
About Colorado Impact Fund: The Colorado Impact Fund (CIF) is a Denver-based venture capital firm investing in Colorado companies with high-growth, scalable business models and a commitment to make their community better. CIF was created to support a growing entrepreneurial and impact ecosystem throughout the state of Colorado. CIF manages approximately $80 million of private capital with the Colorado Impact Fund I and the Colorado Impact Bridge Fund. For more information, visit https://www.coloradoimpactfund.com/.