US-based healthcare software provider Change:Healthcare secured $9.3m in series C financing on Friday from investors including BlueCross BlueShield Venture Partners, which represents an association made up of 39 healthcare providers across the US, and Mitsui & Co. Global Investment, a corporate venturing fund servicing Japan-based diversified conglomerate Mitsui.
Also participating in the round were venture capital firm Sandbox Industries, private equity firm Solidus and the West Health Investment Fund, an independent fund backed by entrepreneurs Fred and Mary West. The funding brings Change’s overall funding to about $15.7m since it was founded.
Change:Healthcare’s flagship product is Transparency Messenger, a data analysis platform that enables employers and employees to seek out the most efficient, cost effective employee health plan. The funding will be partially be put toward enhancing the transparency platform.
In addition to its own VC activity, Sandbox also manages the BlueCross BlueShield (BCBS) Venture Fund for the Blue Cross Blue Shield Association (BCBSA), a federation of health insurance companies and organisations in the US. BCBSA was not however directly involved in the Change Healthcare financing.