Chapter, a Medicare advisory startup co-founded by former Republican presidential hopeful Vivek Ramaswamy, has closed a $75 million funding spherical at a valuation of $1.5 billion led by non-public fairness and enterprise agency Stripes.
The startup helps seniors select Medicare well being plans analyzing docs, hospitals, and prescription drug protection. Unlike many different Medicare insurance coverage brokers, Chapter claims to prioritize shopper wants over insurer earnings.
Naraya, the VC agency based by Vice President J.D. Vance, led Chapter’s Series A spherical in 2020. Peter Thiel, who additionally invested within the firm, assumed Vance’s board seat when Vance resigned to run for Senate in 2021.
While Thiel has since resigned from Chapter’s board, Democrat Donna Shalala, who served as Secretary of Health and Human Services through the Clinton administration and was later a U.S. Congresswoman, has stuffed the emptiness. Shalala advised Bloomberg that Ramaswamy’s position and investments from Republicans Vance and Thiel weren’t a difficulty. “I don’t consider the corporate as political.”
