Medicare Navigation Startup Chapter Secures $75M in Series D Funding, Achieves Unicorn Status

Chapter, a Medicare navigation and advisory firm, has successfully raised $75 million in a Series D funding round, propelling the company to a $1.5 billion valuation. This latest investment brings Chapter's total funding to approximately $184 million since its inception in 2020.

Funding Details and Investor Lineup

The Series D round was led by private equity and venture firm Stripes, with participation from existing investors including XYZ Venture Capital, Susa Ventures, Addition, Narya Capital, and Maverick Ventures. Notably, Narya Capital, co-founded by U.S. Vice President JD Vance, was an early investor in Chapter and continues to support the company's growth.

This funding comes less than a year after Chapter's $50 million Series C round, demonstrating rapid investor confidence in the company's mission and potential.

Expansion Plans and Strategic Partnerships

Chapter plans to utilize the new capital to expand its enterprise partnerships with health systems, financial institutions, and content creators. The company aims to build more products and tools to enhance the Medicare navigation experience for seniors.

Cobi Blumenfeld-Gantz, co-founder of Chapter, emphasized the company's unique go-to-market strategy, stating, "We instead partner with amazing institutions, health systems, financial services firms, content sites, and support them and their audiences and patients and clients as they're navigating Medicare."

The company has already established partnerships with many top health systems, regional providers, and academic medical centers across the country. These collaborations aim to provide strategic support to patients navigating the complex changes in Medicare.

Innovative Solutions and Growth Trajectory

In 2024, Chapter launched its over-the-counter (OTC) app, designed to help Medicare beneficiaries easily redeem OTC benefits available through their plans. This initiative addresses a significant issue in the industry, where approximately $5 billion of OTC benefits go unused annually.

The company has reported impressive growth, with a 4x increase in enrollment over the past year. Additionally, Chapter has scaled the user base of its OTC app by 20x and signed partnership agreements with large, national retailers to support more seniors.

Ron Shah, partner at Stripes and new addition to Chapter's Board of Directors, commented on the company's impact: "Chapter is reshaping one of the most consequential — and confusing — decisions in someone's life as they enter retirement: their health coverage. The Chapter team has taken a fundamentally innovative approach to this complex problem by reimagining the technology and data stack from the ground up in order to deliver far superior guidance to America's seniors."