Connie Health Secures $35M for Medicare Brokerage Growth

Michael Scopa's grandmother supplied the name for Connie Health. The Boston Medicare brokerage has built its expansion around a similarly personal proposition: a local licensed agent remains available after someone enrolls, when the questions about coverage start arriving.

That ongoing business now supports a new source of financing. Connie Health announced a $35M asset-backed revolving credit facility from Rivonia Road Capital on November 10, 2026, with potential expansion to $100M. The facility is backed by Connie's Medicare book and is intended to fund policy origination and acquisitions as the company expands nationally.

The connection between those activities is the story. A growing insurance agency can use an existing book to support further expansion, while continuing to serve the people represented in that book. Connie's combination of local agents and centralized technology has to carry both assignments as more acquired businesses join the platform.

What Rivonia Road Capital Is Financing

The announced financing is revolving, asset-backed credit. The $35M facility and its possible $100M expansion describe different levels of capacity; the larger figure should remain a ceiling in any reading of this announcement. The companies did not disclose how much Connie has drawn, the interest rate, maturity or detailed borrowing conditions.

Rivonia Road Capital specializes in asset-backed financing for businesses outside the traditional banking system. Its published approach emphasizes income-producing assets and financing structures that can grow with a business. Lending to Connie extends that approach into the brokerage's Medicare book, with the proceeds supporting both new policy business and M&A.

For an operator, the appeal is flexibility across those two uses. An agency can develop new relationships through its agents while evaluating opportunities to acquire existing operations. How much financing becomes available for either activity depends on terms that remain private, so the announcement offers a direction of travel rather than enough information to model the borrowing economics.

That distinction keeps the financing legible. Connie has arranged credit against a specified business asset; readers should avoid treating the full facility as cash already spent or the optional expansion as an additional completed financing. Rivonia's participation identifies a lender willing to finance this model, while the operating results of the next expansion remain to be reported.

The Work Continues After Enrollment

Connie's consumer proposition starts with a recognizable problem: selecting coverage requires understanding how a plan fits someone's circumstances. The company describes a service that combines technology with local licensed agents, including help with doctors, medications and benefits. Its website says insurance companies pay for the service, allowing consumers to use it without a separate charge.

The relationship continues after the enrollment decision. Connie's November announcement describes centralized technology supporting lead generation, compliance, administrative work and post-enrollment servicing. Local agents remain the customer-facing part of that arrangement. The commercial interpretation is straightforward: centralization has to make an agent's continuing work more manageable while preserving the relationship that brought the member to the agency.

That makes the word “book” unusually compact. It describes an asset a lender can finance, but also a collection of people who may return with another question. An agency expanding through acquisitions inherits the practical responsibility of making those conversations work across its enlarged organization. The software, administrative processes and local relationships have to meet inside the same service operation. The administrative side of care is also part of the operating story in DevCuration’s coverage of iCareManager’s growth investment, although its software serves a different market from Connie’s insurance brokerage.

Connie calls its platform AI-native. The announcement describes where technology is used, without providing independent benchmarks for accuracy, servicing efficiency or member outcomes. The useful business question is how well the centralized platform supports the agent's job across the acquired and organically developed book, rather than how much automation can fit into a product description.

An Acquisition Strategy With A History

Connie's expansion already includes a substantial integration record by its own account. In a June 18, 2026 company announcement, the brokerage said it had completed and integrated Clearlink's Medicare business, its 10th acquisition. That release also disclosed a $40M Series B led by HealthQuest Capital, with JSL Capital and existing investors Khosla Ventures, aMoon and Pitango HealthTech participating.

The company reports approximately $85M in equity financing to date. The new credit facility adds a separate financing instrument to that history. Keeping those categories separate matters to anyone evaluating the company's resources: an equity total and a revolving credit commitment describe different relationships with capital providers, and combining their headline amounts would obscure what has actually been disclosed.

The leadership reflects the agency-and-technology combination. Connie was founded in 2019 by Oded Eran, David Luna and Michael Scopa. The current leadership page lists Oded Eran as CEO, David Luna as President, Michael Scopa as COO and Huan Lai as CTO. Their respective responsibilities sit around a business that has to connect technical systems with local service as its footprint expands.

Keeping The Local Relationship Through Expansion

Rivonia co-founder and Managing Partner Brad Smiedt highlighted Connie's local relationships and technology in the financing announcement. That is a useful description of the assets being brought together. A financing structure can support the next acquisition, while the integration work determines how the enlarged agency actually functions for members and agents.

For Medicare distribution, this transaction illustrates a specific way to fund growth: an existing book supports credit that can help expand the next one. It offers operators a concrete example of capital structure following the operating model. The public disclosures leave retention economics and acquisition-level performance private, keeping any judgment about financial returns beyond what this announcement establishes.

Connie's next expansion will eventually reach a member who did not participate in the financing conversation. That person may arrive through an acquired agency, with a plan question and an expectation that someone familiar can help. Keeping that service coherent across the larger company is work the new facility will accompany every time another book joins.