US insurtech company Ansel has garnered $20m in a financing round led by Portage, an investment platform focused on fintech and financial services.

Investors including Brewer Lane Ventures, Digitalis Ventures, Morgan Creek Capital Management, Operator Partners, Plug and Play Ventures, SixThirty Ventures, Symphony AI and Two Sigma Ventures also joined the fundraising.

With the latest funding, the total capital raised by the company exceeds $50m.

Previously operating under the name Brella, Ansel plans to use the new capital to fuel further growth.

The infusion will help the company deepen the reach of its supplemental insurance offering to employees across the US.

Ansel’s technology-driven approach to supplemental insurance allows for payouts on diagnoses of more than 13,000 conditions, ranging from concussions to cancer.

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The company has shown that there is significant demand for a new type of benefit that simplifies the claims process and offers seamless, paperless integration and administration.

The latest development comes after several key achievements including the introduction of claims automation that uses medical claims data to eliminate the need for members to file claims.

Ansel founder and CEO Veer Gidwaney said: “Since launching Ansel in 2019, we have made significant progress bringing modern supplemental insurance to more Americans by teaming up with leading insurance carriers and benefits brokerage firms across the country.

“This financing is an important step towards making health hardships less of a financial burden for Americans nationwide.”

Founded in 2019, Ansel Health focuses on offering a supplemental health insurance plan that covers a vast range of conditions and provides cash benefits upon diagnosis without any accident or hospitalisation prerequisites.

Currently, Ansel’s insurance solutions are available through partnerships with established carriers in 39 states, with the goal of achieving nationwide coverage.