Total amount raised
$112.6 Million
Latest funding date
11/01/2017
Location
Phreesia has successfully raised funding over eight rounds, attracting investment from notable firms such as Ascension Ventures and HLM Venture Partners. The company, known for its automated patient check-in processes, has also made strategic acquisitions, including AccessOne.
Keep reading to explore the intricacies of Phreesia's fundraising journey and the investors backing this innovative healthcare platform.
What Is Phreesia?
Phreesia, a healthcare company based in Wilmington, Delaware, specializes in providing automated patient check-in processes and patient intake software solutions. The company operates in the healthcare, hospital, information technology, and medical industries.
Founded with the mission to streamline administrative tasks in healthcare settings, Phreesia has grown to employ between 1001 and 5000 people. The company is trusted by over 4,500 healthcare organizations nationwide, offering functionalities for registration, scheduling, eligibility verification, revenue cycle management, and patient engagement.
How Much Funding Has Phreesia Raised?
- Series A
- Amount Raised: USD 3,000,000
- Date: December 2006
- Lead Investors: HLM Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and enhance their patient check-in software.
- Series B
- Amount Raised: USD 10,250,000
- Date: September 2007
- Lead Investors: Polaris Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their market reach and improve product offerings.
- Series C
- Amount Raised: USD 11,600,000
- Date: February 2009
- Lead Investors: Sandbox Industries, The Blue Venture Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance technological capabilities.
- Series D
- Amount Raised: USD 16,000,000
- Date: May 2010
- Lead Investors: Ascension Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support product development and market expansion.
- Series D
- Amount Raised: USD 4,800,000
- Date: August 2010
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further enhance their product offerings.
- Series D
- Amount Raised: USD 20,000,000
- Date: September 2010
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling operations and product development.
- Series Unknown
- Amount Raised: USD 30,000,000
- Date: October 2014
- Lead Investors: LLR Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support rapid growth, accelerate product development, and expand the customer base.
- Series Unknown
- Amount Raised: USD 16,999,997
- Date: November 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue expanding their market presence and technological advancements.
Total amount raised: USD 111,649,997. Current valuation: Not publicly disclosed.
Key Investors
- Ascension Ventures
- Details: Ascension Ventures is a strategic healthcare venture fund that invests in healthcare companies. They have participated in multiple funding rounds for Phreesia.
- Investment Focus Areas: Healthcare
- Notable Investments: Not publicly disclosed
- HLM Venture Partners
- Details: HLM Venture Partners is a venture capital firm that invests in healthcare technology and services companies. They have been involved in several funding rounds for Phreesia.
- Investment Focus Areas: Healthcare technology, healthcare services
- Notable Investments: Not publicly disclosed
- LLR Partners
- Details: LLR Partners is a private equity firm that invests in middle-market growth companies. They led a $30 million funding round for Phreesia.
- Investment Focus Areas: Business services, consumer and education, financial services, government services, healthcare services, software and IT services
- Notable Investments: Not publicly disclosed
- Sandbox Industries
- Details: Sandbox Industries is a venture capital firm that focuses on healthcare innovation. They were key investors in Phreesia's Series C round.
- Investment Focus Areas: Healthcare, technology
- Notable Investments: Not publicly disclosed
- The Blue Venture Fund
- Details: The Blue Venture Fund is a unique collaboration between Blue Cross Blue Shield companies, the Blue Cross Blue Shield Association, and Sandbox Industries. They invest in promising healthcare companies.
- Investment Focus Areas: Healthcare
- Notable Investments: Not publicly disclosed
What's Next for Phreesia?
Phreesia stands at the cusp of significant growth opportunities, driven by its innovative patient self-service solutions. With a recent $30 million investment, the company is poised to accelerate product development and broaden its customer base across the United States. This funding will enable Phreesia to develop new services that deliver additional value to healthcare organizations and their patients, further solidifying its leadership in the healthcare point-of-service industry.
Future fundraising opportunities appear promising, given the involvement of prominent investors like LLR Partners, HLM Venture Partners, and Ascension Ventures. As Phreesia continues to expand and innovate, it may seek additional funding rounds to support its rapid growth and product development. However, the company will need to navigate challenges such as maintaining high-quality service amidst rapid expansion, staying ahead of competitors, and ensuring compliance with evolving healthcare regulations.
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