Dallas health benefits platform Take Command lands $25M in growth investment » Dallas Innovates

Jack Hooper, Founder and CEO of Take Command [Photo: Take Command]

Dallas-based Take Command has received a $25 million equity investment from New Jersey-based Edison Partners. The company said it will use the funding to expand sales and marketing, build a customer experience-focused technology platform, innovate new market services and expand innovative partnerships.

Take Command is an end-to-end personal health benefits platform for small and medium-sized employers. It was established under the Affordable Care Act and launched in 2014.

“As healthcare costs continue to rise, our full-stack approach to ICHRA delivery will continue to disrupt group health insurance,” Jack Hooper, founder and CEO of Take Command, said in a statement. ” he said. “We are grateful to Edison Partners for this investment and will leverage Edison Edge to further define and accelerate our go-to-market strategy, delivering innovative products and leading the way in the health sector. We are excited to forge a new partnership to become the defined contribution platform for “Insurance.” “

Take Command said that in the $1.6 trillion group health insurance market, traditional group plans are limited for employees and expensive for employers. The rise of a modern, distributed workforce “has paved the way for personalized market plans that can be customized for each employee,” the company said.

The company helps employers manage their Individually Covered Health Reimbursement Arrangements (ICHRAs) with tax-free stipends, reducing cost growth and delivering 10-20% cost savings to employers. However, the company said it will allow employees to choose the health plan that is best for them.

Unlocking “next generation benefits”

“Take Command's end-to-end health insurance platform has made the company a dominant player in the ICHRA market,” Gregg Michaelson, general partner at Edison Partners, said in a statement. “We are impressed with the company's growth trajectory and look forward to Jack Hooper and his leadership team leveraging ICHRA's tailwinds with major employers and building a defined contribution marketplace that unlocks the next generation of benefits. I am confident in my abilities.”

Mr. Michelson will join the company's board of directors.

Take Command said the total addressable market for ICHRA is estimated to grow at a compound annual growth rate of 19% to $4.1 billion by 2027, according to consulting firm Alphabet.

The company leads the small to medium sized market segment managing ICHRA, and said large employers are currently the fastest growing segment, along with business brought in through partnerships.

The company says its Take Command platform's employee headcount has grown 60% year-over-year over the past two years, with average revenue growth of 100% over the past three years.

Take Command is Edison X's 12th investment and joins other active healthcare technology investments including Capital Rx, Lokavant, PurpleLab, Virtual Health, and Zelis Healthcare.

Since its founding in 1986, Edison has invested in more than 260 companies, 40 of which are in the healthcare technology industry.

In 2021, Take Command announced a round led by LiveOak Venture Partners, an Austin venture capital firm focused on technology-enabled services companies, and SJF Ventures, which invests in high-growth companies working to create a healthier society. Raised $12 million in Series A funding. , a smarter, cleaner future.