VantagePoint Venture Partners joins five other investors in backing patient payment collections leader
NEW YORK—September 28, 2010—Phreesia today announced that it has closed a second round of Series D equity financing, bringing the total capital raised in the round to $20 million. New investor VantagePoint Venture Partners, a leading venture capital firm serving the healthcare, cleantech and information technology industries, invested an additional $6 million in the round.
“The patient check-in process is an opportunity for medical practices to obtain important patient information and payments, and Phreesia helps them do that in a secure, efficient and convenient manner,” said Chaim Indig, CEO and co-founder of Phreesia. “We are fortunate to have VantagePoint Venture Partners join this round of funding, which will aid in reaching our goal of implementing Phreesia in every doctor’s office in the United States to improve the patient check-in process and ensure payment at the point of care.”
Phreesia automates the patient check-in process for thousands of medical offices nationwide. Patients use the PhreesiaPad to provide demographic, insurance and clinical information, as well as pay their copayments and balances. Phreesia integrates seamlessly into existing practice management and electronic health record systems.
“Phreesia is answering a critical demand for patient involvement by engaging patients at the point of care and enabling them to take an active role in their visit,” said Eve Kurtin, venture partner, VantagePoint Venture Partners. “Phreesia is a strong addition to our portfolio and we look forward to seeing how this groundbreaking company impacts the industry.”
The initial Series D round of financing in April included new investor Ascension Health Ventures, along with existing investors Polaris Venture Partners, HLM Venture Partners, Long River Ventures and BlueCross BlueShield Venture Partners. Allen & Company LLC served as placement agent for the financing.
About VantagePoint Venture Partners
VantagePoint Venture Partners is a global leader in funding the transformative companies of the 21st century in the CleanTech, Healthcare and Information Technology sectors. With a best-in-class investment team of business and scientific experts, a broad network of corporate Strategic Partners, accomplished Senior Advisors, and more than $4.5 billion in committed capital, the Firm has the resources and talent to build important, industry-leading companies. Headquartered in Silicon Valley with offices in Hong Kong and Beijing, VantagePoint has investments in over 70 companies, including Allocade, Bridgelux, BrightSource Energy, Conceptus, IntelePeer, LiveScribe, Neuraltus Pharmaceuticals, Serious Materials, Solazyme, TargeGen, Tesla Motors, Touchtunes and Trilliant. For more information, visit www.vpvp.com.