Oak
HC/FT Partners today announced that it will lead a $25 million
investment in Limeade,
the Seattle-based technology company that develops employee engagement
platforms for large corporations.
The $25 million financing will enable Limeade to expand its employee
engagement platform through customer-driven innovation, including new
products that meet the evolving needs of employers committed to
improving the health, well-being and performance of their workforces.
Oak HC/FT’s investment, all of which will be going directly to the
company, is the first from their newly launched $500 million Healthcare
and FinTech fund. Existing investor TVC Capital is also participating in
the financing, alongside Limeade employees and directors.
Annie Lamont, managing partner of Oak HC/FT and a leading investor in
healthcare information technology, said, “Limeade is delivering
powerful, market-leading results in the healthcare and human capital
technology marketplace. This is exactly the type of game-changing
company we aim to support through our newly launched fund and view this
investment as a long-term partnership.”
Andrew Adams, a general partner at Oak HC/FT, added, “We are excited to
bring our domain expertise, strategic focus and extensive network to the
Limeade team, and to help them drive meaningful, measurable
transformation in the employee healthcare and human capital markets.”
Henry Albrecht, CEO and founder of Limeade, said, “Oak HC/FT is the
premier healthcare information technology investor, and their partners
have an excellent track record of building great companies. We welcome
their expertise and energy to our company and board, and we look forward
to leveraging their talents to bring innovation to the market.”
The Limeade client portfolio features established brands like Washington
State Healthcare Authority, Kindred Healthcare, The Ohio State
University, Jamba Juice and more than 100 additional enterprises. The
company’s workforce has grown in excess of 300% over the past two years
to keep up with its revenue growth.
Oak HC/FT is led by Ms. Lamont, Mr. Adams and Patricia F. Kemp and the
new fund builds on the team’s investment track record that features 20
realizations, four IPOs and six companies achieving valuations in excess
of $1 billion.
Previous investments by the Oak HC/FT investment team include
athenahealth (NASDAQ: ATHN), Benefitfocus (NASDAQ: BNFT) and Castlight
Health (NYSE: CSLT).
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About Oak HC/FT Partners
Oak HC/FT (http://oakhcft.com/)
is the premier venture growth-equity fund investing in Healthcare
Information & Services (“HC”) and Financial Services Technology (“FT”).
We are focused on driving transformation in these industries by
providing entrepreneurs and companies with strategic counsel,
board-level participation, business plan execution and access to our
extensive network of industry leaders. Oak HC/FT is led by the
Healthcare and FinTech team of Oak Investment Partners as part of Oak’s
strategy to develop sector-specific funds and continue its legacy of
building best-in-class businesses.
About Limeade
Limeade is a technology company that delivers an employee engagement
platform to Fortune 1000 companies. We inspire people and companies to
improve their health, well-being and performance, bring culture to life
and deliver the insights and innovations critical to business success.
Headquartered in Bellevue, Wash., Limeade serves over 100 employers and
top global brands. Learn more on www.limeade.com, LinkedIn,
Twitter and Facebook.
About TVC Capital
TVC Capital is a San Diego-based growth equity firm focused on
investments in and acquisitions of software companies and
software-enabled service firms. TVC Capital targets a wide spectrum of
software sectors and industry verticals that are poised for growth and
consolidation. The TVC team is led by operating executives with more
than 60 years of experience growing technology companies into market
leaders. For more information, visit www.tvccapital.com.
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Copyright Business Wire 2014