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Fundraising News
Announcing Spark's $25 million Series B
James Jiang
January 23, 2024
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Today I’m thrilled to announce that Spark has raised a $25M Series B at a 4x valuation increase from our Series A just two years ago—a result we’re especially proud of amid a challenging valuation environment for high-growth insure-tech companies.

This comes after a breakout year for Spark:

  • We continue to be the fastest-growing Medicare brokerage in the country
    Partnered with 3,400+ brokers who enrolled 60,000+ beneficiaries
  • Brokers are enthusiastic, regular users of the Spark platform
    91 NPS, with over 60% of brokers logging into the platform daily
  • We delivered fantastic customer service on behalf of our partners
    96% client satisfaction
  • We drove another year of transformative growth
    Agencies doubled their enrollment volume year-over-year since partnering with Spark

We couldn’t be more excited to partner with Viewpoint, our lead investor, joined by existing investors American Family Ventures and Primary Venture Partners. Viewpoint’s deep expertise in tech-enabled distribution and conviction in the critical role producers have across many industries make it a natural fit for Spark and our partner agents. We are excited to join Viewpoint’s other category-defining portfolio companies including HealthSherpa (ACA enrollment), PLACE (residential real estate), and Nayya (employee benefits).

Staying true to our mission

Since day one, we’ve focused on empowering the brokers closest to the beneficiary to do their best work. Our updated mission statement reflects how we can enable this at scale:

Empower top brokers to grow by transforming how they do business.

Nearly 70mm Medicare beneficiaries will need access to care by 20301, but while this population booms, the number of brokers educating and enrolling beneficiaries is shrinking. Through an environment of increased regulatory complexity and a rapidly shifting marketing and technology backdrop, we’re committed to creating the tools that top brokers need to thrive.

Building the modern brokerage platform 

Spark has partnered with 100+ leading agencies serving 3,400+ brokers, providing world-class technology, unmatched service, and a commitment to true partnership.

For brokers, we’re the only platform designed just for Medicare. From acquisition to retention, Spark powers the entire customer lifecycle and provides on-demand service for critical needs. We directly serve 100,000+ clients on our partners’ behalf, saving brokers 8 hours per week.

For agency principals, we’re a force multiplier to their business. We unlock productivity in top performers, accelerate team growth with an on-the-ground sales team recruiting on their behalf, and become intimate operational members of their agency.

The results speak for themselves: across our largest partners representing >70% of our business, we’ve seen an astounding 140% enrollment growth year-over-year since partnering with Spark.

Underlying that growth is a 90% enrollment growth from individual agents, with our most engaged agencies seeing over 90% of brokers logging into the Spark platform daily.

Our platform is proof that with cutting-edge technology and a deeply committed service team, superstar agents can do much more than they’d thought possible.

A brand that embodies our ambitions

Spark’s new brand identity reflects the clarity in our positioning: 

To help the industry’s top brokers build the insurance business of their dreams. 

We’re not consolidators: we don’t take over businesses, and our goal isn’t to flip agencies to the highest bidder.

Our vision is to create an ecosystem where insurance entrepreneurs – those who understand their clients and communities better than anyone – not only survive but thrive in this rapidly changing environment.

Spark’s new brand:

  • Elevated design: Our new visual identity is clear, confident, and professional.
  • Reimagined digital presence: Our website centers our partners and highlights what they’ve accomplished.
  • Clearer voice: We’ve sharpened the way we communicate our platform’s capabilities.

Looking forward to 2024

We could not be more excited for the year ahead. 

In 2024 we’re doubling down on our model of supporting the industry’s best agencies, from market leaders to emerging stars. 

We continue our commitment to service, investing in new ways to support principals and brokers.

We have renewed focus on principals. After building the platform top brokers can’t live without, we’re now doing the same for agency principals: consolidating recruiting, contracting, production, and commission data and workflows all into one place.

And in the spirit of true partnership, we’re white-labeling everything: principals can now see our entire platform in their brand. It’s an affirmation of the trust and reputation they’ve painstakingly built, and highlights our mission to build up each of our partners.

Thank you to everyone who made this possible. If you’re an ambitious insurance business owner hearing about us for the first time, what are you waiting for?

1 Source: Forum for Health Economics and Policy

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