Series B Funding Round Led by Blue Heron Capital, with Participation from North Coast Ventures, Refinery Ventures, Mutual Capital Partners, Rev1 Ventures, and M25
Redi Health today announced that it has closed $14 million in Series B funding. The funding round was led by Blue Heron Capital, with participation from North Coast Ventures and existing investors Refinery Ventures, Mutual Capital Partners, Rev1 Ventures, and M25. Redi Health will use the financing to foster innovation, develop and launch new products, expand its unique network, and accelerate overall growth. The funding underscores Redi Health’s success in reaching millions of patients across the country, solidifying its position as a leader in the digital health space.
Luke Buchanan, Co-Founder and CEO at Redi Health stated, “We are at a pivotal moment in healthcare, where technology integration can significantly enhance patient care and outcomes. This new financing is a testament to the hard work of our team and the support of our investors. With Blue Heron Capital’s backing, we are poised to bring new products to market, expand our reach, and continue to innovate at the intersection of technology and healthcare. Our goal is to make comprehensive, patient-centered care accessible to millions more across the country.”
Current Patient Support Programs (PSPs), which are typically provided by pharma to patients who are taking their complex, high-cost medications, have proven to make a significant impact on patients, but they are outdated and extremely challenging to access. PSPs require a large number of full-time employees, rely primarily on phone and fax communication, and need a healthcare provider (HCP) to enroll patients using a physical enrollment form. This results in a non-adherence rate of approximately 70%, resulting in an estimated annual revenue loss of $637 billion for the pharmaceutical industry.
Redi Health bridges the gap between consumer technology and clinical health and support, connecting Pharma, providers, and patients in one platform. Redi Health engages patients daily and offers medication reminders, symptom management, diet and nutrition advice, weight and activity tracking, and health literacy and education. Uniquely integrated pharma support provides brand-specific content, condition-focused trackers, and digitally accessible financial assistance, as well as enrollment into Patient Support Programs.
Redi Health creates a fully connected ecosystem that efficiently informs all involved parties of access status. This is the first pharmaceutical platform that enables the free flow of real-time information with Redi Health’s unique compliance architecture. Furthermore, it offers significant efficiency in a traditionally labor-intensive market.
As part of the Series B funding Blue Heron Capital OA Collaborative member Jim Clair, who has extensive pharmacy tech experience, will join Redi Health’s Board of Directors. Jim expressed enthusiasm for the investment, stating, “Redi Health’s innovative approach to digital healthcare sets them apart in today’s rapidly evolving industry. We are impressed by Redi Health’s commitment to improving patient outcomes and their ability to scale effectively.”
Gordon Crenshaw, Partner at Blue Heron Capital, added, “Our investment in Redi Health reflects our confidence in the vision of the leadership team. The digital health sector presents a tremendous opportunity for innovation, and Redi Health is at the forefront of this transformation. We look forward to being a part of the company as they continue to innovate and positively impact the lives of patients nationwide.”
About Blue Heron Capital
Blue Heron Capital is an early-stage growth equity firm funding big ideas in healthcare and enterprise technology industries. Using a powerful combination of financial and human capital through their OA Collaborative, they build businesses that make big impacts. To learn more, go to blueheroncap.com.
About Redi Health
Redi Health empowers patients with chronic conditions to understand, manage, and track their total health through digital pharma support. Combining health management technology and pharmaceutical manufacturer support into one tool, Redi Health provides a mobile platform that allows patients to manage everything from multiple medications and symptoms to diet and exercise. By delivering a pathway for pharmaceutical companies, providers, and patients to connect and engage, Redi Health customizes the complete health journey to drive better health outcomes and adherence.
Originally announced February 28th, 2024
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