Avibra
Avibra is a unique platform that provides holistic well-being benefits to improve individual overall well-being, it uses data science and machine learning to track and reward individual good habits with life insurance coverage which grows on weekly basis - but never decreases for less ideal ones.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor investor investor | €0.0 | round |
| N/A | €0.0 | round | |
| investor investor | €0.0 | round | |
* | $7.2m | Seed | |
| Total Funding | 000k | ||
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Avibra operates as a benefits-as-a-service platform, providing a comprehensive ecosystem of perks and rewards primarily targeting the underinsured and non-benefited workforce, including gig economy, part-time, and hourly workers. Founded in 2018 by Yogesh Shetty, the company was born from his experience in the finance and insurance sectors and a desire to democratize access to essential benefits. Shetty's background, rising from poverty in Mumbai, India, and later holding significant roles at New York Life, JPMorgan Chase, and Lehman Brothers, fueled his mission to address the coverage gap for millions of Americans.
The company's business model is structured as a B2B2C embedded benefits ecosystem. Avibra partners with corporations, financial service companies, and work platforms to offer its benefits to their employees or members as a value-added service, aiming to improve customer retention and loyalty for their partners. The core of Avibra's offering is a mobile application that provides users with no-cost life and accidental death & dismemberment (AD&D) insurance. Users can increase their coverage by engaging with well-being content within the app, such as quizzes, educational videos, and meditations, which are tracked by an AI-based personal assistant named Arya. This gamified approach incentivizes positive habits across financial, physical, and mental wellness.
Revenue is generated through its "Dollar Benefits Store," where users can purchase additional à la carte benefits for a low weekly cost, typically $1 per week per benefit. These purchasable perks include telemedicine, teletherapy, dental and vision plans, roadside assistance, and critical illness insurance. By bundling users, Avibra can offer these benefits at a significant discount. The company has secured $13.6 million in funding from investors including Alpha Edison, PruVen Capital, and Brewer Lane Ventures.
Keywords: employee benefits, insurtech, financial wellness, benefits platform, gig economy benefits, no-cost life insurance, perks program, B2B2C, embedded finance, micro-benefits, telehealth, digital health, employee retention, financial inclusion, well-being app, AD&D insurance, on-demand benefits, benefits administration, Yogesh Shetty, low-cost insurance