SEATTLE, WA, Innovator in health rewards-based marketing and incentives, announced that it secured $2.6 million in Series A Financing.
for more funding data on EveryMove
To export EveryMove funding data to PDF and Excel, click here
EveryMove Inc., an innovator in health rewards-based marketing and incentives, announced today that it secured $2.6 million in Series A Financing from Premera Blue Cross, Blue Cross and Blue Shield of Nebraska, BlueCross BlueShield Venture Partners (managed through Sandbox Industries), and angel investors including Founders Co-op, Summit Capital, Jonathan Sposato, Geoff Entress, Matt Shobe, William Lohse, Andy Liu, Ken Kuntz, Josh Hug and others. Proceeds from the financing will be used to build a high-performing team and launch its product into the market with four health plans in 2012-2013.
EveryMove is building an interactive online and mobile platform that helps people connect and organize their health and fitness activities and turn those lifestyle actions into rewards and incentives from their health plan. Health plans are looking to build closer relationships with consumers by partnering with them to encourage actions that positively impact their long-term health and pocketbook.
According to the Bureau of Labor Statistics, health care costs comprise a bigger portion of America's household budgets year over year, as expenses continue to rise and incomes remain stagnant. In an effort to counteract these rising costs, many Americans are making positive lifestyle choices, and EveryMove will work directly with health plans to ensure individuals are rewarded for their healthy actions.
"It is time to make room at the table for consumers to be part of the conversation around their health. Technology is enabling consumers to more easily demonstrate the value of their lifestyle activities and that is empowering. At EveryMove, individuals will have an opportunity to turn their lifestyle activities into real value for their actions. With this funding, we bring together significant strategic partners in support of our efforts," said EveryMove's Co-founder and CEO Russell Benaroya. "The healthcare industry is recognizing that the future is in how we engage with and empower consumers to impact overall health costs," he added.
Early support from Premera Blue Cross of EveryMove adds to initiatives currently underway that align with the interests of its members and the community at large. "Key to helping meet both employer and individual needs, is our ability to offer health plans that provide customized incentives for leading a healthy lifestyle. Programs such as EveryMove can help us support the specific interests of our members and reward them for their actions as they improve their health," said Kent Marquardt, executive vice president and chief financial officer of Premera Blue Cross.
Sandbox Industries has been on the leading edge of investments in consumer health innovations.
"We are thrilled to be working with the EveryMove team to build a market-leading incentives and rewards platform for consumers who are making healthy decisions. They have the capabilities and strategic alignment to achieve this vision and in turn help health plans create new and exciting products for the future generation of healthcare consumers," said Anna Haghgooie, Managing Director of Sandbox Industries, the fund manager of BCBS Venture Partners.
The company is currently in private beta and plans to launch more broadly in Q3 2012.
EveryMove is building a mileage rewards plan for health to help consumers turn their healthy lifestyle activities into valuable rewards from their insurance plan, employer and brands. EveryMove is leveraging the proliferation of health tracking applications and devices on the market today and turning that into value that consumers can understand and appreciate. The Company was co-founded in 2010 by Marcelo Calbucci and Russell Benaroya. For more information visit www.everymove.com