Venrock has led an $18 million Series B funding in Jiff, a digital health technology company. Other participants in the funding included Aberdare Ventures and Aeris Capital. Jiff has raised $25.8 million since inception.
Jiff (www.jiff.com), a digital health technology company, today announced an $18 million Series B round led by Venrock. Jiff provides an enterprise solution for self-insured employers to connect to and manage hundreds of innovative digital health tools, and provides each employee an individualized health incentives program through an addictive mobile experience.
“As we saw this past week with the debut of Apple Watch and HealthKit, new digital health devices and services are emerging daily and will completely change the way people experience healthcare in the future,” said Derek Newell, Jiff CEO. “Just as iTunes provided a platform for digital music, Jiff is the platform for digital health programs and wearables, offering employees choice and smart recommendations. This, in turn, makes it easier for companies to provide these technologies, create healthier workforces, and bring down their healthcare costs.”
Despite all the changes in American healthcare over the past few years, half of all Americans still get their insurance from their employer. With their costs still rising, large self-insured enterprises are searching for solutions to keep their workers healthy and bring down healthcare costs.
“Self-insured employers spend 30 percent of all healthcare dollars in the US, around $670 billion. It’s staggering,” continued Newell. “And until Jiff, there was no way for employers to aggregate and offer these digital tools to employees, collect the data they create, and use that data to build personalized health incentives and challenge programs.”
“The investment in Jiff is consistent with our strategy of focusing on companies that help employers get more value for their healthcare investments,” said Venrock Partner Bryan Roberts. “All employees are different so incentives should be too, and Jiff is the only platform that allows employee level personalization. And that’s just the beginning of what Jiff is working on.”
“With founders James Currier and Stan Chudnovsky behind them, Jiff also has the best engagement and product design team we have ever seen in healthcare IT. They are incredibly well positioned to transform employee health,” added Venrock Partner Bob Kocher.
Jiff will use the funds to expand their sales and marketing team, to grow their network of sales and distribution partners, and to build out their network of digital health partners across a variety of categories. Investing alongside Venrock were Aberdare Ventures and Aeris Capital. Jiff has raised $25.8 million in venture capital since its founding.
For more information on Jiff and its products, visit www.jiff.com, and follow Jiff on Twitter: @jiffinc.
Jiff is a venture-backed, Palo Alto-based technology company that is connecting employee benefit design to consumer digital health technology. Using Jiff’s HIPAA-compliant platform, companies can quickly connect their health benefit design and incentives to the consumer digital health applications, devices, and services that employees know and love. Jiff builds incredible, unique mobile and web experiences for each employer that allow employees to work independently, compete, and collaborate with colleagues towards health goals.
Originally established as the venture capital arm of the Rockefeller family in 1969, Venrock continues a tradition of partnering with entrepreneurs to establish successful, enduring companies. With a primary focus on technology and healthcare, portfolio companies have included Apple Computer, Athenahealth, Castlight Health, Doctor on Demand, DoubleClick, Endeca, Gilead Sciences, Grand Rounds, Idec Pharma, Imperva, Illumina, Intel, Millennium Pharma, SlideShare, Zenefits and Tudou. For more information, please visit Venrock’s website at www.venrock.com and follow the firm on Twitter at @venrock.