AAA Change Healthcare picks up $15m

Change Healthcare picks up $15m

Change Healthcare, a US-based healthcare cost checking platform, has raised $15m financing led by venture capital firm HLM Venture Partners, joined by new investor, venture capital firm Noro-Moseley Partners, and including existing investors BlueCross BlueShield (BCBS) Venture Partners, a corporate venture fund sponsored by the BlueCross and BlueShield Association of US-based healthcare provision companies, venture capital firm Sandbox Industries (which also manages the BCBS Venture Partners fund), Mitsui & Co Global Investment, the venture investment subsidiary of Japan-based trading company Mitsui & Co, Gary and May West Health Investment Fund, an independent fund backed by entrepreneurs Fred and Mary West, and private equity firm Solidus Co.

Change Healthcare will use the new funds to expanding sales and marketing efforts and to accelerate product development.

Change Healthcare has now secured $30.7m in total funding, including $9.3m in series C financing in January 2012 from investors including BlueCross BlueShield Venture Partners, Mitsui & Co. Global Investment, Sandbox Industries, Solidus and the West Health Investment Fund.

Doug Ghertner, president and chief executive officer of Change Healthcare, said: “There has been a dramatic increase in the nation’s focus on healthcare cost transparency. Today’s consumers not only need access to cost information, but also a means to take greater control of their healthcare.”

Marty Felsenthal, partner at HLM Venture Partners, said: “Healthcare is evolving at a rapid pace and our firm is committed to supporting companies that are fundamentally changing the way healthcare is consumed.  We were impressed with the company’s recent growth, resulting in scale that can make consumer engagement in healthcare a reality.”

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