Change Healthcare has closed its latest round of financing, securing USD15m led by HLM Venture Partners.
New investor Noro-Moseley Partners also participated in the financing round, as did all existing institutional investors – BlueCross BlueShield Venture Partners, Sandbox Industries, Mitsui & Co. Global Investment, Gary and Mary West Health Investment Fund, and Solidus Co.
"There has been a dramatic increase in the nation’s focus on healthcare cost transparency. Today’s consumers not only need access to cost information, but also a means to take greater control of their healthcare," says Doug Ghertner, president and chief executive of Change Healthcare. "Change Healthcare has achieved remarkable growth in a short period of time, and our new funds will allow us to respond to these trends by expanding our sales and marketing efforts and accelerating product development."
Change Healthcare continues to meet demands of its growing base of health plan and large employer clients with its core transparency and engagement platform, while also responding to emerging opportunities arising from the Affordable Care Act. Expansion of new products, like its gamified benefits education solution, Healthcare University, are delivering added client value and new capabilities for the millions of consumers using the platform to better understand and use their health benefits, from traditional coverage models to shopping on health exchanges.
"Healthcare is evolving at a rapid pace and our firm is committed to supporting companies that are fundamentally changing the way healthcare is consumed," says Marty Felsenthal, partner at HLM Venture Partners. "We were impressed with the company’s recent growth, resulting in scale that can make consumer engagement in healthcare a reality."
