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Devoted Health secures another $300 million

Devoted Health co-founder Todd Park
Devoted Health co-founder Todd Park. Photo: Alex Wong/Getty Images

Devoted Health has raised $300 million in a funding round led by Andreessen Horowitz, and has now accumulated $369 million in venture funding. The health insurance startup just started selling 2019 Medicare Advantage plans in eight Florida counties.

The bottom line: Health insurers, and now venture-backed startups, are flocking to Medicare Advantage because the program has bipartisan support, offers lucrative returns and is poised to grow from aging baby boomers. MA has its problems, though.