As more companies incentivize employees to live healthier lifestyles, the corporate wellness market has become fertile ground for digital health startups.
That means the more established players have to push themselves to innovate, too. Minnesota wellness company RedBrick Health is likely working on that, as the company disclosed via a SEC filing late last week that it’s picked up $14 million in a new round of funding. It will use the funds to “advance and refine” its offerings and “continue our expansion into new markets and distribution channels,” according to marketing manager Andy Gonerka.
Since its formation in 2006, RedBrick has raised at least $30 million from Kleiner Perkins Caufield & Byers, Highland Capital Partners, Versant Ventures, Volition Capital and HLM Venture Partners and other investors. For better or for worse, that’s quite a bit compared to some of its workplace wellness peers.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
RedBrick works with self-insured employers to provide personalized coaching programs – Health Maps – for their employees. Its approach blends incentives with social elements like challenges and competitions, to drive employees to make healthier choices.
After experiencing what it called “record growth” of its health and wellness solutions last year, the company recently aligned with tracking device Fitbug, so that data from the device can be synched with RedBrick’s system.
In an annual survey of corporate employers, Fidelity Investments and the National Business Group on Health found that last year, 86 percent of employers offer some kind of wellness-based incentives.
