New Columbus, Ohio Insurtech Company, Circulo, Raises $50M to Disrupt Medicaid
COLUMBUS, Ohio, Feb. 19, 2021 /PRNewswire/ -- Circulo starts with $50M out of the gate to bring much needed, disruptive innovation to Medicaid Managed Care. Medicaid is a cornerstone of the U.S. healthcare system and is often passed over by venture backed startups who aim to disrupt Medicare Advantage and commercial health insurance markets. Circulo plans to change that by bringing bold new approaches and Internet-scale technology to more than 75 million members who depend on Medicaid for their coverage.
Circulo will be built on Olive's technology platform that has been adopted by over 600 hospitals. Olive will provide automation, intelligence, network tools, and AI co-worker technologies to Circulo as they build the Medicaid insurance company of the future.
Drive Capital, General Catalyst, Oak HC/FT, and SVB Capital are all investors in Olive and have joined together to fill out Circulo's large inaugural equity financing. They also return as backers of Sean Lane who will serve as CEO of both Olive and Circulo. Sean, an ex-NSA intelligence officer turned entrepreneur, is Olive's founder and CEO and has led the company to a $1.5B valuation in the company's last financing, while growing the workforce to over 550 employees. "We're excited to invest in Circulo's vision for Medicaid and to help create another important insurance company from the ground up here in Columbus," commented Chris Olsen, co-founder of Drive Capital.
"Circulo is going to use Olive's unique platform to build the Medicaid insurance company of the future from scratch, right here in Columbus, Ohio - the emerging insurtech capital of the U.S." said Sean Lane, CEO of Circulo and Olive. "There's no better place to build and grow a high-tech insurance company and there's no better mission than to do it to serve the country's most underserved population."
Circulo plans to add dozens of new roles immediately. To learn more about joining the Circulo team, contact email@example.com.
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