Hercules Capital, Inc. (NYSE: HTGC) hiked Thursday, as its beneficiary, Remodel Health, announced it has raised more than $100 million from Oak HC/FT and Hercules in growth funding.
According to this morning’s news release, “Remodel offers an end-to-end, white-labeled tech platform that supports employers and employees with everything they need to launch and access their ICHRA plans, including plan creation and administration, call center support, automated quoting, employee onboarding, HRIS integrations and payments with carriers and access to ancillary products. Starting with the group to individual health insurance shift in 2015, Remodel has become a dominant player in the ICHRA space, bolstered by the acquisition of PeopleKeep in early 2024. Together, the two companies are uniquely positioned to serve small, medium and large employers, with a suite of products across ICHRA and QSEHRA. With this investment from Oak HC/FT and Hercules Capital, Remodel will look to continue its national expansion.”
Remodel stands apart from the competitive set with its meaningful scale and a go-to-market motion defined by its white-glove service, deep broker relationships and easy-to-understand approach to marketing and sales. Importantly, as employer health insurance premiums continue to increase, ICHRA provides Remodel's customers with predictable annual benefits costs, driving stability and an average of 30% savings for the office of the CFO.
As for Hercules, HTCG shares gathered 23 cents, or 1.2%, to $19.03.
