SureCo Raises $23 Million Series A From Health Velocity Capital and Kaiser Permanente Ventures to Meet Accelerating Demand for ICHRA Among Large Employers

SANTA ANA, Calif., Sept. 30, 2025 /PRNewswire/ -- SureCo, an Individual Coverage Health Reimbursement Arrangement (ICHRA) administrator focused on companies with at least 200 employees, today announced the completion of a $23 million Series A funding round led by Health Velocity Capital, with participation from Kaiser Permanente Ventures. The investment will enable SureCo to scale its technology and team, making it easier for large groups to contribute pre-tax dollars to employees to purchase the individual health plan of their choice from all major carriers available in their area.

Signaling confidence in ICHRA's ability to provide access to affordable coverage for American workers, the funding round was driven by thought-leading organizations in the health insurance industry. Health Velocity Capital's limited partners include a multitude of insurance carriers providing coverage to over 175 million Americans, and Kaiser Permanente Ventures is the venture capital arm of one of the nation's largest integrated healthcare organizations. They've tracked the evolution of ICHRA since it went into effect in 2020 and recognize it as a strategic opportunity for growth and market expansion.

"ICHRAs provide individual choice and foster competition in the market that benefits employers and employees alike. The construct represents an innovative, flexible option for large-group health benefits," said Matthew Kim, Co-founder and CEO of SureCo.

As businesses face the steepest health insurance cost increases they've seen in 15 years, the ICHRA market is experiencing accelerating momentum. More than 44% of large employers say they're considering the model for 2026. Adoption is being driven by large employers and their benefits consultants who are looking for predictable, cost-effective, and administratively efficient solutions that will satisfy their employees' needs.

"The market dynamics have shifted dramatically," said Saurabh Bhansali, Managing Partner at Health Velocity Capital. " When we initially evaluated the market a few years ago, carriers acknowledged that ICHRA was not a priority, and benefits consultants had limited awareness of its flexibility and advantages. This time, nearly every carrier we engaged had a dedicated point person and an emerging ICHRA strategy, while consultants consistently described ICHRA as a key tool in their arsenal."

Kaiser Permanente Ventures' investment reflects this evolution. "We see ICHRA as empowering employees with choice, enabling them to select the best health plans for their needs," said Daniel van den Bergh, Senior Investment Director at Kaiser Permanente Ventures. "SureCo guides employees through this process via an intuitive and high-quality end-to-end experience." 

SureCo will use the funding to accelerate its growth trajectory and continue innovating in the large-group ICHRA space. The company plans to expand its technology platform capabilities, including further integration with carriers, and growth of its award-winning service team to support increasing customer demand.

"This funding comes at a pivotal moment for both SureCo and ICHRA," added Kim. "We're seeing unprecedented interest from large employers who are looking to offer their employees more choice and gain visibility into their healthcare costs, while lifting the administrative burden of traditional benefits administration. With the backing of Health Velocity Capital and Kaiser Permanente Ventures, we're positioned to meet this demand and help more organizations transition to this consumer-driven benefits model."

About SureCo
SureCo is a leading health benefits technology company specializing in Individual Coverage Health Reimbursement Arrangements (ICHRA) for large employers. The company's enrollment platform enables large employers to offer their employees access to hundreds of individual health insurance plans from all major carriers while maintaining predictable costs and comprehensive compliance support. 

About Health Velocity Capital
Health Velocity Capital invests exclusively in innovative healthcare software and services companies. The firm's partners have more than 90 collective years as investors, entrepreneurs, and executives helping to finance and build innovative companies that created important new healthcare markets and that became market leaders, including successful companies such as Teladoc, Livongo, Change Healthcare, MDLive, Contessa Health, Headspace Health, Aspire Health, Zipari, IVX Health, Artera (fka Well Health), Compassus, Aperio, The Advisory Board Company, Healthways (Tivity Health), US Renal Care, Spero Health, OnShift, and many others. The firm counts among its limited partners many of the largest and most influential healthcare organizations in the country and current and former senior healthcare executives who collectively represent organizations that insure more than 175 million Americans, operate more than 700 hospitals, provide pharmacy and PBM services to everyone in the United States, and sell software to every major US health system.

Media Contact
Lindsey Unterberger
VP of Marketing, SureCo
[email protected]
573.424.9692 

Karen Sorenson
Account Director, Global Results Communications for SureCo
[email protected]
949.537.8789

SOURCE SureCo