Physic Ventures, a venture capital (VC) firm backed by consumer goods companies PepsiCo and Unilever, has joined a consortium investing $11m in the series D round for Alliance Health Networks, a US-based developer of 37 social networks used by 750,000 worried about specific medical conditions, such as diabetes.
VC firm New World Ventures led the round, and was joined by return backers and peers Highway 12 Ventures and Epic Ventures.
In September 2009, Alliance doubled the amount of venture capital it had raised to $6.6m after a series C round by Highway 12 and Epic.
Andy Donner, a director at Physic Ventures in San Francisco, will join Alliance’s board and said: "We were attracted to Alliance Health because they are helping to create and foster a culture of consumer-directed health and wellness.
"We target companies that are capitalizing on the major trends shaping personal and planetary health and we see Alliance Health as a significant contributor to this movement."
Morgan Keegan served as financial adviser to Alliance with legal counsel from O’Melveny & Meyers.