Today Rev1 Ventures, the leading seed-stage venture fund, announced its investment in Updox, the industry leader in care coordination and healthcare connectivity solutions. This is the second investment from the company's seed-stage, corporate-backed fund.
"As an existing investor, this financing showcases Rev1's commitment to supporting startups through multiple phases of growth," said Tom Walker, CEO of Rev1 Ventures. "Updox has a proven model for success and is part of market with large opportunity, so we see big things on the horizon for the company."
Updox is helping more than 40,000 physicians and 60 million patients communicate more effectively on the Updox messaging platform. Updox allows independent healthcare providers to share patient records and care plans, schedule appointments, make payments, provide care notifications, and adhere to reporting requirements through its secure platform. Providers can more easily run their business and provide better service to patients.
"Rev1 was an early advocate of Updox and their support, advice and counsel has been invaluable to our continued growth," said Michael Morgan, CEO of Updox. "We are fortunate to have founded this company in a region so well-equipped to drive success for startups. We know Rev1 and its approach are a big reason for that success. This investment will fuel our growth as we enter new markets and support our rapid hiring initiatives."
Rev1 has produced $1.2B in capital, revenue, and exits in the past three years. A snapshot of 2016 growth shows Rev1's portfolio companies generated $86M in revenue and created and retained more than 1,014 jobs.
TT Capital Partners led the Updox funding round, with additional participation from Tamarind Hill.
About Rev1 Ventures
Rev1 is a venture fund that helps entrepreneurs build great companies. Combining investment capital with a unique blend of services through our startup studio, we propel innovation for startups and corporate innovation teams. Our seasoned, data-driven team helps lay the foundation for scalable growth with the skills to evolve a product, sell to customers, and build the right team. Named a top VC investor in the Great Lakes Region, Rev1 manages a continuum of financial support from corporate and community partners, as well as the Ohio Third Frontier. Rev1 was named the Most Active VC in Ohio in 2016 by CB Insights. For more information, visit http://www.rev1ventures.com.
About Updox
Where Healthcare Connects! Updox is the industry leading healthcare care coordination solution. Named #571 on the Inc. 5000 list of America's fastest-growing private companies, Updox is integrated with more than 70 electronic health records (EHR) and serves more than 250,000 users and 60 million patients.
Through an extensive Direct messaging network and platform of apps, Updox connects various healthcare providers, including physicians, patients, payers, pharmacies, labs, and healthcare partners. Once part of the Updox network, users or partners can access a full suite of applications including secure messaging, patient portal, appointment scheduling & reminders, credit card payments, and health alerts, all with the goal of driving improved outcomes through more efficient communications and better care coordination. Connect with Updox at http://www.updox.com.