First Dollar, a U.S.-based health care savings platform, announced on Tuesday it secured $5 million through its seed funding round, which was led by Next Coast Ventures with participation from Meridian Street Capital, former athenahealth CEO Jonathan Bush, Everlywell CEO Julia Cheek, Bright Health CTO Brian Gambs and Capital Factory.
Founded in 2019, First Dollar claims it is revolutionizing how people think about and interact with healthcare. The company revealed:
“Our mission is to be healthcare’s most human-centric company and accelerate healthcare’s transition to a true marketplace where everyone gets great health care at a fair price.”
First Dollar further explained that it targets Millennials and Gen Z, which it claims is a generally healthy population that typically spends too much per year for more coverage than they need. While sharing more details about the platform, Jason Bornhorst, First Dollar CEO, stated:
“We’re building a product that not only helps you maximize your savings but also offers great health care at a great price. We believe that for every $1 you put into your First Dollar HSA, you should get $2 in value back in savings and spending.”
First Dollar added that the seed round’s funds will go towards recruiting a team of engineers and designers to scale the HSA offering and build new functionality for its platform.