Health Plan One Closes $6.5 Million Series A Financing

Pequot Ventures Leads Round for Online Health Insurance Marketplace

NEW YORK and SHELTON, Conn., April 21 /PRNewswire/ -- Health Plan One
(www.healthplanone.com), an innovative online marketplace for health
insurance, today announced the completion of a $6.5 million Series A round of
investment, led by Pequot Ventures. Other investors include Greycroft
Partners and industry veterans Kevin Hill, a longtime EVP with Oxford Health
Plans and most recently CEO for United Healthcare Northeast, Chan Wheeler,
former CEO of Uniprise, a UnitedHealth Group company and Bill Sullivan, former
President of Oxford Health Plans.
Health Plan One (HPO) offers a robust online platform for consumers to
research and select health insurance plans from a wide range of offerings by
leading national carriers. Before applying for or purchasing a health care
plan, consumers can receive free health insurance quotes and compare features
among multiple options rather than researching individual plans from disparate
sources. HPO provides both online and offline support from nationally
licensed sales representatives who are trained to help navigate the difficult
process of selecting an individual, family, small group or Medicare plan.
Health Plan One will use the Series A funds to fuel growth in online customer
acquisition and secure its place as a premier marketplace for health
insurance. "Our investors are not only behind some of the Internet's most
successful and innovative businesses, but they also bring world-class
insurance technology expertise to our company," said Health Plan One CEO Bill
Stapleton. "We will undoubtedly benefit from the vision and leadership of our
new partners to become the preferred destination in the fast-growing online
health insurance market."
With the close of this round of funding, Larry Lenihan, co-head of Pequot
Ventures, will join Chan Wheeler and Kevin Hill on the Board of Directors.
"Health Plan One is well-positioned to execute on a large market opportunity
capitalizing on recent employment trends including the shift in burden from
employer to employee for rising health care costs, as well as the growth of
the self-employed population, who require individual health care plans. HPO
fills a gap in the market with a superior customer experience relative to the
existing online alternatives." Lenihan continued, "HPO also fits perfectly
with our focus and expertise in insurance technology and emerging online
markets, and is consistent with our investment philosophy to partner with
innovative, market-leading companies."
About Health Plan One
Health Plan One is a leading online health insurance marketplace serving
individuals, families, small groups and Medicare recipients. The Health Plan
One platform allows consumers to make well-informed decisions about their
health insurance needs by offering online and offline sales support and
customer service 24-hours a day. Based in Shelton, CT, HPO was founded in
2006 by health insurance veterans and backed by Pequot Ventures and Greycroft
Partners. For more information, please visit www.healthplanone.com .
About Pequot Ventures
Pequot Capital Management, Inc. and Pequot Ventures,
the New York City-based venture capital arm of Pequot Capital, recently
announced that they have decided to separate their businesses, effective June
30, 2008. As part of the separation, the investment principals of Pequot
Ventures will form a new firm, FirstMark Capital. FirstMark will assume the
investment management operations of Pequot Ventures and, with investor
approval, will take on the full responsibility for the assets currently under
the management of Pequot Ventures. FirstMark Capital will continue to focus
on investing in innovative market-leading technology companies.
For more than a decade, Pequot Ventures has partnered with talented
entrepreneurs and experienced managers to build market-leading enterprises.
With nearly $2 billion in capital commitments, Pequot brings energy, insight
and substantial sector expertise to create competitive, sustainable businesses
and long-term value. Select investments include: Netgear, Inc.; First
Advantage Corp.; StubHub, Inc (Acquired by eBay, Inc.); Netegrity, Inc.
(Acquired by CA Inc); Flarion, Inc. (Acquired by Qualcomm, Inc.); OutlookSoft
Inc. (Acquired by SAP AG); Analex Corp. (Acquired by QinetiQ); Vallent
(Acquired by IBM) and Syndesis (Acquired by Subex). For more information,
please visit www.pequotventures.com or www.firstmarkcap.com .
About Greycroft Partners
Greycroft Partners, based in New York City, is a venture capital
partnership formed to invest in promising digital media companies. The firm's
$75mm fund includes participation from leading corporate executives around the
world. Greycroft also leverages an extensive network of media and technology
connections to help investees gain visibility, build strategic relationships,
and successfully bring their products to market. Greycroft's portfolio
companies benefit from active, hands-on assistance in all phases of expansion.
For more information, please visit www.greycroftpartners.com
SOURCE Health Plan One

Nevin Reilly of Sloane & Company for Health Plan One, +1-212-486-9500,
nreilly@sloanepr.com