Growth capital to drive further adoption of company's Health EarningsTM System, which helps employers control health care costs and employees earn rewards through healthier behaviors.
Minneapolis, MN - April 1, 2009 - RedBrick Health, the Health EarningsTM company, announced today that it has secured $15 million in Series C financing. New investor Kleiner Perkins Caufield & Byers (KPCB) led the round of financing, which also included participation from existing investors Highland Capital Partners, Versant Ventures and Fidelity Ventures. RedBrick Health will use the capital to fuel the company's next stage of growth and drive further adoption of its pioneering Health Earnings System.
RedBrick's Health Earnings System helps large, self-insured employers — such as Target, Hannaford Bros. and Welch Allyn, among others — control health care costs and foster healthier workforces. Employees use the system's tailored health programs and advocacy services to earn personal and financial rewards, including lower insurance premiums, through healthy behaviors. Regardless of current health condition, individuals that actively participate in RedBrick Health programs pay less for their health care 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," said KPCB partner Beth Seidenberg, M.D. "Unlike other health or wellness offerings, RedBrick's Health Earnings System directly links health care financing to individual behavior 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 programs."
"RedBrick Health will benefit from the fact that large employers are seeking to responsibly promote greater employee accountability in their organizations related to health and wellness," said 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."
"Our ability to raise significant capital and attract top investors during a tough economy is a testament to the quality of our service offering and the strength of our team," said Kyle Rolfing, co-founder and chief executive officer for RedBrick Health. "The support and expertise of KPCB and our other investors will be critical as we continue to capitalize on the opportunities ahead of us. We are confident RedBrick Health will transform the health and wellness space and look forward to helping clients and employees fully realize their Health Earnings potential."