Chapter, a Medicare advisory startup co-founded by former Republican presidential hopeful Vivek Ramaswamy, has shut down a $75 million funding round at a $1.5 billion valuation led by private equity and venture farm stripes.
The startup will help seniors choose a Medicare health plan that analyzes doctors, hospitals and prescription drug coverage. Unlike many other Medicare insurance brokers, the chapter argues that it prioritizes client needs over insurance companies’ profits.
Naraya, a VC company founded by Vice President JD Vance, led the Series A round of chapters in 2020. Peter Thiel, who also invested in the company, took on Vance’s board seat when Vance resigned from running for the Senate in 2021.
Thiel then resigned from the chapter’s board, but Democrat Donna Sharala, who served as the secretary to the Department of Health and Human Services during the Clinton administration and later became a US lawmaker, filled the vacancy. Sharala told Bloomberg that Ramaswamy’s role and investment from Republicans Vance and Thiel is not an issue. “I don’t think the company is political.”
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