NEW YORK--(BUSINESS WIRE)--Oak HC/FT Partners today announced that it will lead a $25 million investment in Limeade, the Seattle-based technology company that develops employee engagement platforms for large corporations.
The $25 million financing will enable Limeade to expand its employee engagement platform through customer-driven innovation, including new products that meet the evolving needs of employers committed to improving the health, well-being and performance of their workforces.
Oak HC/FT’s investment, all of which will be going directly to the company, is the first from their newly launched $500 million Healthcare and FinTech fund. Existing investor TVC Capital is also participating in the financing, alongside Limeade employees and directors.
Annie Lamont, managing partner of Oak HC/FT and a leading investor in healthcare information technology, said, “Limeade is delivering powerful, market-leading results in the healthcare and human capital technology marketplace. This is exactly the type of game-changing company we aim to support through our newly launched fund and view this investment as a long-term partnership.”
Andrew Adams, a general partner at Oak HC/FT, added, “We are excited to bring our domain expertise, strategic focus and extensive network to the Limeade team, and to help them drive meaningful, measurable transformation in the employee healthcare and human capital markets.”
Henry Albrecht, CEO and founder of Limeade, said, “Oak HC/FT is the premier healthcare information technology investor, and their partners have an excellent track record of building great companies. We welcome their expertise and energy to our company and board, and we look forward to leveraging their talents to bring innovation to the market.”
The Limeade client portfolio features established brands like Washington State Healthcare Authority, Kindred Healthcare, The Ohio State University, Jamba Juice and more than 100 additional enterprises. The company’s workforce has grown in excess of 300% over the past two years to keep up with its revenue growth.
Oak HC/FT is led by Ms. Lamont, Mr. Adams and Patricia F. Kemp and the new fund builds on the team’s investment track record that features 20 realizations, four IPOs and six companies achieving valuations in excess of $1 billion.
Previous investments by the Oak HC/FT investment team include athenahealth (NASDAQ: ATHN), Benefitfocus (NASDAQ: BNFT) and Castlight Health (NYSE: CSLT).
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About Oak HC/FT Partners
Oak HC/FT (http://oakhcft.com/) is the premier venture growth-equity fund investing in Healthcare Information & Services (“HC”) and Financial Services Technology (“FT”). We are focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to our extensive network of industry leaders. Oak HC/FT is led by the Healthcare and FinTech team of Oak Investment Partners as part of Oak’s strategy to develop sector-specific funds and continue its legacy of building best-in-class businesses.
Limeade is a technology company that delivers an employee engagement platform to Fortune 1000 companies. We inspire people and companies to improve their health, well-being and performance, bring culture to life and deliver the insights and innovations critical to business success. Headquartered in Bellevue, Wash., Limeade serves over 100 employers and top global brands. Learn more on www.limeade.com, LinkedIn, Twitter and Facebook.
About TVC Capital
TVC Capital is a San Diego-based growth equity firm focused on investments in and acquisitions of software companies and software-enabled service firms. TVC Capital targets a wide spectrum of software sectors and industry verticals that are poised for growth and consolidation. The TVC team is led by operating executives with more than 60 years of experience growing technology companies into market leaders. For more information, visit www.tvccapital.com.
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