Bravo Wellness, a provider of wellness programs, said Tuesday that it has raised $22 million in Series A funding from ABS Capital Partners. According to the firm, the capital infusion will be used to expand Bravo’s sales and marketing initiatives. In addition to the funding, ABS Capital Partners Managing General Partner John Stobo has been named to Bravo’s board of directors while general partner Mark Anderson will be an observer.Brown Gibbons Lang & Company was the placement agent.
CLEVELAND, OH–(Marketwired – Aug 12, 2014) – Bravo Wellness, LLC, a provider of innovative outcomes-based wellness programs, today announced a $22 million Series A minority investment from ABS Capital Partners, a leading investor in later-stage growth companies. Bravo Wellness will use the proceeds to expand its sales and marketing efforts and to continue to innovate and expand its solutions. ABS Capital Partners Managing General Partner John Stobo will join the Company’s board of directors and General Partner Mark Anderson will be an observer.
“Our solution has already had a huge impact in numerous organizations, but we wanted to keep innovating the product and reach even more customers,” said CEO and Chairman Jim Pshock. “Bravo continues to see strong growth and an increased demand from companies and their employees trying to control increasing health care costs by employing innovative wellness solutions. We wanted to make sure that we found a partner who sees the exciting opportunities we have, and ABS Capital is the right fit.”
Bravo, founded in 2008 and headquartered in Cleveland, Ohio, designs and administers outcomes-based wellness initiatives for companies, organizations, brokers and other wellness providers. Approximately 75 percent of all health care spending in the United States is lifestyle related and linked to individual behavior. Lifestyle choices significantly influence health care costs, and adding accountability through a wellness program can reduce these costs in both the short and long term. Bravo provides tailored solutions through a robust technology platform combined with deep domain expertise, particularly with regard to compliance and tracking personalized improvement goals. Unlike most wellness programs that are based on participation, activity and uncorrelated rewards, Bravo’s solutions are based on biometric data (such as smoking habits, body mass index, blood glucose, blood pressure and cholesterol) that give the employee the opportunity to impact meaningfully his or her health as well as the associated insurance premiums. Bravo’s proprietary technology platform provides employers with a solution for coordinating biometric screenings, tracking incentives and employee compliance, determining reasonable alternatives, resolving appeals and providing the tools for data-driven decision-making.
“We were impressed by the differentiated, outcomes-based solutions that the management team has built. They have positioned the company as an industry leader, and we look forward to working with the team through this next phase of rapid growth,” said Stobo. “It is exciting to be backing Bravo as it continues its mission of simultaneously helping companies and employees save money while improving health and wellbeing.”
Bravo provides a consultative and innovative approach in administering a program that works best for each client’s culture and provides options for immediate cost savings. Bravo has had great success with a wide variety of customers such as Insurance Office of America, Valeo, Graco Inc., Southwest General Health Center and MasterBrand Cabinets, Inc., helping each organization to achieve its own unique program goals.
Brown Gibbons Lang & Company acted as the exclusive placement agent to Bravo Wellness for the financing.
About Bravo Wellness
Bravo Wellness has been a disruptive force in the wellness industry since its inception in 2008. Bravo pioneered the outcomes-based wellness incentive space and carefully designs compliant incentives that result in unprecedented engagement levels. Bravo’s case studies prove and demonstrate sustained health improvement and reduced claims spending — all while equipping individuals to make better choices and providing thoughtful alternatives to those for whom special exceptions are warranted. With roots in data management, compliance and technology, Bravo recognizes that it’s rarely the lack of activities that makes a program unsuccessful, it’s often the lack of motivation and engagement — a problem that can be solved. Visit www.bravowell.com to learn more.
About ABS Capital Partners
At ABS Capital Partners, we have a simple mission — to invest in the very best late-stage growth companies. Our singular focus has allowed us to cultivate a deep understanding of what it takes to get promising businesses to the next level. Our priority is finding the best growth companies — not completing certain types of transactions or investing specific amounts of dollars. Our flexibility allows us to structure the right deal to support a company’s growth trajectory and particular needs. We actively partner with CEOs to tackle the challenges of rapid expansion and create significant long-term value. Our partners are highly experienced at working with growth companies — each having spent between one and three decades in their industry as C-level executives, investment bankers, consultants or investors.
ABS Capital Partners specializes in three growth sectors — business and education services, information and communications technology and health care — and has invested in over 100 growth companies over the past two decades. With over $2 billion raised since inception, including $500 million in its latest fund, ABS Capital continues to build on its strong reputation for teaming with CEOs and market leaders to deliver strong returns to investors. For more information, please visit www.abscapital.com
About Brown Gibbons Lang & Company
Brown Gibbons Lang & Company (BGL) is a leading independent investment bank serving the middle market. BGL specializes in mergers and acquisitions advisory services, debt and equity placements, financial restructuring advice, and valuations and fairness opinions, with global industry teams in Healthcare & Life Sciences, Consumer Products & Retail Services, Energy & Environmental Services, Industrials, Metals & Metals Processing, Plastics & Packaging, and Real Estate. BGL has offices in Chicago and Cleveland, and Global M&A partner offices in more than 50 countries across five continents, which allows us to deliver to our clients unparalleled access to corporations, investors and opportunities globally. For more information, please visit www.bglco.com.