General Atlantic Leads $179M Growth Investment in Employer Health Benefits Company

General Atlantic, a global growth equity firm with over $72 billion in assets, will anchor a $179 million investment in Gravie, an employer health benefits company. Existing investors FirstMark Capital and AXA Venture Partners also participated in the investment.

The investment is expected to close within the next month.

Minneapolis-based Gravie plans to use the capital to fuel growth through investments in its flagship health plan for small and medium-sized businesses called Comfort.

“We are excited to partner with the seasoned management team at Gravie and focus on helping the company fulfill its vision to lower the cost of healthcare while simultaneously improving health outcomes for members and their loved ones across the US,” said Jon Michael Reese, Principal at General Atlantic.

In January, General Atlantic invested $350 million in PhonePe, one of India’s largest fintech platforms at a pre-money valuation of $12 billion. This transaction was followed by a $450 million minority investment in the acquisition of Coupa Software last month.