Minneapolis-based RedBrick Health has secured USD15m in a round of Series C financing led by new investor Kleiner Perkins Caufield & Byers and including participation from existing
Minneapolis-based RedBrick Health has secured USD15m in a round of Series C financing led by new investor Kleiner Perkins Caufield & Byers and including participation from existing investors Highland Capital Partners, Versant Ventures and Fidelity Ventures.
RedBrick Health says it will use the capital to fuel the company’s next stage of growth and drive further adoption of its Health Earnings System.
The system helps large, self-insured employers – such as Target, Hannaford Bros. and Welch Allyn, among others – control healthcare costs and foster healthier workforces. Employees use the system’s health programmes and advocacy services to earn personal and financial rewards, including lower insurance premiums, through healthy behaviours. Regardless of current health condition, individuals that actively participate in RedBrick Health programmes pay less for their healthcare than individuals who do not.
"RedBrick Health brings a new dimension in accountability to health care, which is why we selected them as our first new health care investment of the year," says KPCB partner Beth Seidenberg. "Unlike other health or wellness offerings, RedBrick’s Health Earnings System directly links healthcare financing to individual behaviour in a truly integrated fashion. RedBrick Health should be on the ‘short list’ for large employers seeking a comprehensive option that limits their financial health liability and provides tangible benefits not found in traditional health and wellness programmes."
"RedBrick Health will benefit from the fact that large employers are seeking to responsibly promote greater employee accountability in their organisations related to health and wellness," says Bob Higgins, managing general partner of Highland Capital Partners and chairman of RedBrick Health’s board of directors. "RedBrick’s Health Earnings System is highly integrated and specifically tailored to each individual, which increases employee participation and makes it easy for them to see immediate gains from their efforts."
