FSAstore.com, an e-commerce site exclusively stocked with Flexible Spending Account (FSA) eligible products and services, has closed its second round financing of more than USD2m.
The financing, led by Originate Ventures, includes investment from previous investors Point Judith Capital and Columbia Business School Lang Fund, as well as additional angel investors.
The funding will be used to accelerate sales, marketing and development initiatives, as the company continues to expand to meet growing consumer demand for its products and services.
FSAstore.com enables consumers with Flexible Spending Accounts to use their tax-free dollars to purchase more than 6,000 healthcare products and browse hundreds of services directly from the website. FSAstore.com partners directly with FSA administrators (TPAs) to make a wide range of health products, tools, and services directly available to FSA holders.
"We are thrilled that Originate Ventures, a leading early stage investor in the healthcare sector, is joining our existing investors in our latest financing round, which will provide us with the resources necessary to expand our operations to meet the rapidly growing demand for our products and services," says Jeremy Miller, FSAstore.com founder and president.
"In just two years FSAstore.com has shown impressive results in the development of its TPA network, new product initiatives such as their prescription service, and strong customer satisfaction and retention," says Glen Bressner, managing partner at Originate Ventures. "We look forward to our partnership and to helping the company build toward the next stage of service to TPAs and consumers."
