Zing Health, a Chicago-based health insurance company, is working with Jefferies on its latest capital raise, according to two sources familiar with the matter.
Zing is looking to raise USD 50m or more, one of the sources said.
Zing was founded in 2019 to provide Medicare Advantage HMO plans for underserved populations, according to its website. It currently operates in Illinois, Michigan and Indiana, it said.
The company’s last capital round in 2021 raised USD 25m from Town Hall Ventures and Leavitt Equity Partners, which took a “substantial minority position” in Zing, according to a press release.
A previous round in 2020 was led by Newlight Partners, which didn’t disclose the immediate round but said it anticipates investing USD 150m in Zing, according to a press release.
Zing Health was co-founded and led by Dr. Eric Whitaker, executive chairman and former CEO, who was a former director of the Illinois Department of Public Health. Andrew Clifton, former president of Advise Insurance, and former Centene senior executive, was named the CEO in October 2022.
The company was spun out in 2019 from Health2047, a Silicon Valley innovation subsidiary of the American Medical Association, it said. In October 2022 it said it employed 176 people in 31 states.
The company acquired Lasso Healthcare Insurance in May 2021 for an undisclosed sum, according to a filing.
Zing Health declined to comment. Jefferies representatives didn't respond to requests for comment.