Connie Health Lands $35 Million Credit Facility, Expandable to $100 Million

By Grace Kim

Connie Health has secured a $35 million asset-backed revolving credit facility from Rivonia Road Capital — a commitment that can grow to $100 million as the Medicare insurance brokerage pushes its national expansion.

The facility, backed by Connie Health's existing Medicare book of business, sits on top of roughly $85 million in equity capital the company has raised since its founding. The Boston-based company will use the revolving capital to originate new insurance policies, hire licensed agents, and acquire complementary businesses.

"Our model is built on long-term relationships between members and their local agents, and that shows in our retention. This facility gives us committed, scalable capital to expand our agent network organically and through acquisitions, ensuring our members continue receiving high-touch, personalized support on our platform," said Oded Eran, co-founder and CEO of Connie Health.

What does the new money pay for?

The facility supports two tracks: organic growth through new policy origination, and strategic acquisitions of businesses that complement Connie's operations. The potential expansion to $100 million gives the company room to borrow more as its needs grow — though the increase is not automatic and depends on evolving financing requirements.

Management views acquisitions as a core piece of its national growth strategy. The plan is to fold acquired operations into Connie's existing technology platform and service infrastructure, expanding the number of beneficiaries served while keeping customers tied to a dedicated local agent.

The company's leadership stresses that customer retention is a defining characteristic of its business model, and that long-term agent relationships drive ongoing engagement and service quality.

Who is Connie Health?

Oded Eran, David Luna, and Michael Scopa founded the company in 2019. Connie Health operates a technology-enabled insurance brokerage that helps Medicare beneficiaries evaluate and enroll in coverage across three product lines:

• Medicare Advantage
• Medicare Supplement
• Medicare Prescription Drug Plans

The model pairs hundreds of local licensed insurance agents with a centralized technology platform. Each customer gets a dedicated local agent who explains coverage options, assists with enrollment, and provides support after a policy takes effect. The company believes those personal relationships help beneficiaries cut through the complexity of Medicare coverage.

The platform does the back-office heavy lifting. It automates and centralizes lead generation, compliance management, back-office operations, and post-enrollment servicing, and it incorporates AI capabilities intended to improve efficiency across insurance distribution and servicing. The goal: agents spend less time on paperwork and more time with customers.

Connie's most recent equity round was a Series B completed in early 2025, led by HealthQuest Capital with participation from Khosla Ventures, aMoon, and Pitango.

Why asset-backed lending?

Asset-backed revolving credit facilities let companies borrow against specified assets or contractual cash flows, subject to financing terms. For insurance distribution businesses, existing policy portfolios and their associated economic interests provide a basis for structured lending. In Connie's case, the Medicare book of business itself underwrites the loan.

"Connie has built a differentiated platform that combines the trust of a local agent with the efficiency of modern technology. We were impressed by the management team's deep industry experience and disciplined approach to both organic growth and acquisitions. This facility also extends Rivonia's commitment to the insurance distribution market, and we look forward to supporting Connie as it scales," said Brad Smiedt, co-founder and managing partner of Rivonia Road Capital.

Who is Rivonia Road Capital?

Rivonia Road Capital is a Los Angeles-based private capital manager founded in 2017. It focuses on asset-backed financing for nonbank financial services businesses, providing customized financing solutions to specialty lenders, financial technology companies, and other players across consumer, commercial, and real estate finance. Its strategy combines institutional lending experience with expertise in financing businesses whose assets or cash flows require specialized structures.

The Connie deal expands Rivonia's exposure to insurance distribution. The firm cited Connie's blend of local insurance expertise and centralized technology as a source of continued growth, and highlighted the company's leadership experience and disciplined approach to managing acquisitions.

For Connie, the facility adds a debt instrument to a balance sheet previously built on venture equity — $85 million of it since 2019. The company says it will keep investing in its agent network and technology infrastructure while maintaining its focus on personalized Medicare guidance.

With $35 million committed and capacity that could reach $100 million, Connie Health now has the borrowing power to scale policy growth and M&A without immediately returning to the equity markets.