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Member, Beacon International Group, Ltd.
Friday Health Plans announced June 1 it would shut down after more state regulators took action to limit the insurer’s operations as it struggled financially, reports Healthcare Dive. The Denver-based insurtech, which had raised hundreds of millions of dollars in venture capital and debt funding, launched in 2015 to offer a “simpler” experience for people buying coverage on the Affordable Care Act exchanges. In a statement on its website, Friday said it was “unable to scale our financial infrastructure to match the pace of our growth and secure the additional capital required to run our business.”