The health insurance marketplace software developer will use the investment to move forward with its 2017 operating plan and expand its Private Exchange, Enterprise Commercial and Medicare businesses.
In May, Connecture received a $52 million equity investment from San Francisco-based Francisco Partners and Chrysalis Ventures.
The newest investment is from Francisco Partners IV LP, Francisco Partners IV-A LP and Chrysalis Ventures II LP. Connecture has issued 17,500 shares of series B convertible preferred stock to the investors. Francisco Partners now holds about 56 percent of Connecture’s outstanding securities and has the right to designate a proportional share of the board. Read the full story here.