RedBrick Raises $5M, Prepares for More Growth
RedBrick Health Corporation has made headlines all week long following announcements that it secured a new CEO, then cash-and that it's preparing to eventually go public.
The Minneapolis-based health technology company said earlier this week that Daniel Ryan had left his post as president and CEO at Secure Computing and joined RedBrick as its CEO.
Then on Wednesday, the company indicated in a regulatory filing that it has raised $5 million in capital in a financing round that began in early 2011. That's on top of $5 million that the company raised earlier this year and takes it one step closer to hitting its $15 million goal for the round.
RedBrick was founded in 2006 and-according to the Star Tribune-has raised $60 million in venture capital investment since then.
The firm reportedly intends to eventually become public.
“A public offering is not imminent,” founder and President Kyle Rolfing told the Minneapolis newspaper last week. “But we want to be prepared when the time is right. We've proven the business model. We've got 100 people. Our revenue is doubling year over year. It's now about scaling up the company.”
Rolfing hasn't disclosed RedBrick's specific revenue figure. But he told the Star Tribune that its clients include 25 Fortune 100 companies. Clients include Cargill, G&K Services, International Paper, Sara Lee, Schwan Food Company, and Scotts.
RedBrick works with large, self-insured employers and their employees to design customized wellness programs and incentives with the goal of creating healthier, more productive work forces. Under RedBrick's model, employees are rewarded for taking steps to improve their health and employers, in turn, avoid costs resulting from major illnesses or diseases.