Investment in HealthiestYou Marks Firm’s First Investment in Arizona
Arizona’s expanding collection of software and technology-enabled business services companies has definitely caught our eye. In fact, we entered the market just this week with a $30 million growth equity investment in Scottsdale-based telehealth engagement company, HealthiestYou.
HealthiestYou is one of more than 7,600 high-tech companies operating within the state, according to the Arizona Commerce Authority. In addition, two of the state’s largest technology sectors—bioscience and healthcare—have generated $36 billion in annual revenue.
“Like many of the other markets where Frontier is active, Arizona has an attractive cluster of growth-oriented technology companies, but is relatively underserved from a growth capital perspective,” said Andrew Lindner, Managing Partner at Frontier.
Our investment in HealthiestYou is one step toward changing that.
HealthiestYou provides a tech-enabled health and wellness solution centered on telehealth engagement to more than 4,000 employer groups throughout the United States. The company’s platform helps employers and health plans reduce their healthcare expenses by redirecting member claims to lower-cost settings. The web-based and mobile application allows employees to conveniently manage their healthcare needs 24/7, within the framework of their employer-provided benefits, and with the most cost-effective options. Key features include telehealth—around-the-clock virtual access to providers from any location; cost transparency tools; geographic provider searches with reviews; insurance connectivity; and wellness engagement.
“The capital injection from Frontier, combined with the firm’s strategic support, gives us the additional resources we need to strategically expand HealthiestYou’s solutions in the largely untapped and rapidly growing telehealth market,” said HealthiestYou CEO Jim Prendergast. “The time is right for innovation to rise to the challenge and help both employers and employees reduce costs while improving access to quality healthcare.”
For the full press release, visit http://www.businesswire.com/news/home/20151112005500/en