eternalhealth

Pooja Ika, eternalHealth founder and CEO. (photo provided)

BOSTON, Mass.—eternalHealth, the first new health plan to be approved in Massachusetts since 2013, announced Jan. 11 that it has raised another $10 million in Series A funding. This additional financing follows an initial $10 million in Seed and Pre-Series A investment by successful healthcare and tech entrepreneurs last summer, according to a press release.

John Sculley, former Apple CEO, who was involved in the Series A funding round, believes in the mission of eternalHealth, founded by Indian American entrepreneur Pooja Ika, the first woman to launch a new Medicare Advantage Health Plan in the United States.

“Around two decades ago, I decided I wanted to disrupt the healthcare industry by collaborating with entrepreneurs who believed in their mission,” said Sculley, former Apple CEO and an investor and shareholder in eternalHealth, “I truly believe we have a healthcare Moonshot with eternalHealth and I am excited to see how we can better the space together. I believe in Pooja’s mission and with the help of her team, she has been able to accomplish so much in one year.”

Ika said the Series A funding, which includes seed investors and additional successful technology and healthcare entrepreneurs, will be used to support the day-to-day operations, and help attract and retain membership, while most of the capital will be used as risk-based capital to support the company’s membership growth, noted the release.

Typically, the launch of a new health plan takes two to three years and costs tens of millions of dollars, said Ika.

“At eternalHealth, we accomplished this historic goal within a year. The initial seed round helped us build a technology-powered infrastructure, optimize our operations, and hire a skilled team of 20 professionals,” she added. “Now, that we are operationally sound, we are actively trying to grow and increase our membership base. The goal has always been to build a sustainable business model, that is committed to doing things the right way.”

Headquartered in Boston, eternalHealth provides high-quality care with low out-of-pocket costs to the residents of Massachusetts, while prioritizing preventive care and transparency, said the release. Founded, owned, and built by women, eternalHealth is a Medicare Advantage health plan that offers HMO and PPO products.

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