Ascension Health Ventures, the $200m venture investment division of US medical company Ascension Health, has become the second corporate venturing unit to back Phreesia, a US-based provider of software for the doctor’s waiting room.
Ascension led the $16m series D round for Phreesia, along with the company’s previous investors. BlueCross BlueShield Venture Partners, a $116m corporate venture fund representing a national federation of 39 independent BlueCross BlueShield companies, led Phreesia’s $11.6m series C round in February last year, along with venture capital firms Sandbox Industries, Polaris Venture Partners, HLM Venture Partners and Long River Ventures. Sandbox also provides the fund management to BlueCross BlueShield Venture Partners.
Previously, Phreesia raised a $10.25m series B round in September 2007 on top of $3m in initial funding after its launch in 2005.
As part of the investment, Victor Kats, investment manager at Ascension Health Ventures, will join Phreesia’s board of directors.
Chaim Indig, chief executive and co-founder of Phreesia, said: “This investment will enable Phreesia to continue to expand its presence in the healthcare market so as to provide additional clinical value and increase revenue for clinicians across all 50 states.”