Picwell raises $7M, will hire 22 for health plan software
Phila firm helps pick health pans
Picwell, a Philadelphia firm whose software helps users select employer health plans, says it has raised $3 million from BlueCross BlueShield Venture Partners and Sandbox Advantage Fund, following an earlier $4 million investment from MassMutual Ventures and unnamed healthcare exexutives.
In a statement, Picwell said it will use the money "to further extend its product offerings" and build sales and marketing. The company employs 28 and plans to expand to 50 this year.
CEO Jay Silverstein said raising money from insurers whose plans Picwell offers "is a key part of our business strategy" and that the investment will link Picwell to local Blue Cross Blue Shield affiliates.