Digital wellness management company RedBrick Health is fresh off an online upgrade heavy on “emotional appeal” and a successful affiliation with a Biggest Loser-like competition put on in its home state. Now it’s looking to fuel its health-and-heart-strings approach with fresh capital.
The Twin Cities business recently raised $5 million and could raise another $10 million, according to a federal regulatory filing. In mid-January, RedBrick rolled out its latest platform update, Key RedBrick 4, which improved and expanded its online portal to better allow companies to tweak employee health benefits.
It’s also eager to capitalize on its role in Biggest Loser Minnesota Challenge, a major public wellness campaign last year. RedBrick’s new online portal will expand its use of online social networks, which executives believe will dramatically increase its results with customers.
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RedBrick leverages technology to help employers save money on healthcare by creating financial incentives for its employees to live healthier. It allows employers and employees to manage their health programs online. RedBrick is one of a myriad of companies involved in “health engagement” including insurance companies, which are acquiring RedBrick-like technologies or creating their own; younger startups with garish promises that they’ll be paid only once a company realizes savings; as well as the likes of Minnesota’s Bloom Health, a RedBrick collaborator launched by a former RedBrick co-founder.
RedBrick executives declined to discuss the fundraise and new platform. But company executives have already said they want to find ways to better use social networks to improve the results in corporate wellness programs.
RedBrick’s technology fueled the online portal for Biggest Loser Minnesota Challenge, which last year was limited to companies in the state. This year’s version will be available to everyone in Minnesota.
Chief Executive Officer Kyle Rolfing said the process demonstrated the power of using online social networks to drive increased weight loss and health. Return on investment, coupled with the ability of companies like RedBrick to easily work with insurance companies and their corporate partners, is among the biggest challenges for health engagement businesses.
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“Friends and family members — and even co-workers — shape our choices,” Rolfing wrote recently in CDHC Solutions Magazine. “Light up or lace up? Hit the gym or beers at the bar? It often depends on what those around us are doing.”
The fundraise brings the company to more than $50 million in total financing. RedBrick has previously raised three $15 million rounds.