eyes ASX float

Online health insurance company looks to cement itself as modern alternative.

Online health insurance company is eyeing a float on the Australian Stock Exchange in fiscal 2015, as the group looks to cement itself as a modern alternative in the $16 billion private health insurance market, The Australian Financial Review reports.

According to the newspaper, the start-up, launched by former REA Group executive Andy Sheats in 2012, already boasts 40,000 members and sales of $45 million.

“Health insurance is a massive industry and there is plenty of room for everybody,” Mr Sheats said.

“We are only doing $45 million out of a possible $16 billion so we are not really concerned about new entrants.”

The AFR reports Mr Sheats has raised a total funding package of $100 million, $34 million of which through private equity, with the company targeting tech-savvy consumers. 

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