The Puerto Rican-based health insurance tech company Abartys Health announced recently that it has raised $1.45 in seed capital that will be used for business expansion throughout the region, which could include Colombia. It will also allow company executives to make product offerings more efficient and readily available.
The company’s rapid growth is a perfect encapsulation of the booming startup culture present in Latin America, where countries like Colombia, Argentina, and even Puerto Rico are leading the way with innovative ideas.
A million dollars of the funding came from Parliament Capital, a Puerto Rican Private Equity Fund Manager, and Parallel18 Ventures, a follow-up for alumni of global accelerator Parallel18.
“With this transaction we have obtained the capital necessary to accelerate our expansion plans while also securing a long-term partnership with a leading local private equity firm,” said Lauren Cascio, Abartys’ Co-Founder and Chief Operating Officer. “Abartys is excited to have an institutional-grade firm such as Parliament on board to support us financially and strategically with our long-term plans.”
Parliament Capital’s fund Parliament Capital Series I was the lead investor in the transaction. Puerto Rico’s influential non-profit trust Parallel 18 Ventures, which is supported by the Puerto Rico Science, Technology, and Research Trust, raised $150,000 for the startup.
“The decision to invest in Abartys was founded on the company’s potential to be the leader in the health insurance technology space – they’ve accomplished an incredible amount in just over two years and we are excited to be a partner,” said Luis Cabrera, Managing Partner of Parliament Capital.
Lucas Arzola, of Director of Operations of Parallel18, added: “We are proud to see Abartys’ continuous growth and commitment with the healthcare tech industry and Puerto Rico’s startup ecosystem. We feel confident that Abartys’ founders and employees have the necessary skills to progress their company into a world-class healthcare platform.”
Abartys Health has already allocated its capital towards human resources in order to enhance its executive structure and team member experience. The company is planning to make hires throughout 2018.
Abartys founders Dolmarie Mendez and Lauren Cascio are widely decorated leaders who have been recognized with regional awards for their contributions to Puerto Rican healthcare and the startup culture there. They have been featured on both the Caribbean Business’ ’40 under 40’ list and the Forbes’ ‘30 under 30’ in healthcare rankings.
Since entering the market two years ago, Abartys has developed InsureLynk for insurance companies, ProviderLynk for health care providers, and PatientLynk for health care patients, according to a company press release. Their technology platform provides an easy-to-access hub for healthcare data between patients, physicians, and health insurance providers. Since inception the Company has earned numerous prestigious awards, including, but not limited to, SXSW Release It Winner (2017) ,