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WhiteGlove Health Grabs $12.9M

2012-04-12
AUSTIN, TX, Medical care provider focused on lowering employer healthcare costs, announced that it has closed round of funding that includes an initial $12.9M with an additional $15.3M of warrants over the next two years.
WhiteGlove Health, Inc., (www.whiteglove.com) a medical care provider focused on lowering employer healthcare costs, announced today that it has closed a significant round of funding. The round includes an initial $12.9M with an additional $15.3M of warrants over the next two years. The funding will be used as working capital to drive membership density in existing markets, expansion into new markets, and the development of a broker/benefits consultant sales channel.

The funding was led by Burrill & Company, a California-based investor group. "WhiteGlove is the clear leader in the irreversible trend toward mobile healthcare, which is reducing a large percentage of the reasons people need to visit doctors and hospitals, while improving employee satisfaction and the bottom lines for corporations," said David Wetherell, managing partner at Burrill & Company. "While WhiteGlove continues to make a strong impact in US markets, we at Burrill & Company look forward to assisting WhiteGlove in expanding its transformative model globally."

"WhiteGlove has enjoyed strong growth over the past few years through widespread adoption by employer groups," stated Bob Fabbio, co-founder and CEO of WhiteGlove Health. "We set out to change healthcare in America and by all accounts that is what we are doing, we are thrilled to have Burrill as a new partner in this endeavor."

WhiteGlove's Corporate Membership Program is a direct-pay, employer provided alternative that gives their employees and dependents access to acute care, preventative care, chronic care, diagnostics, and Rx medications 365 days a year, in-person (at home or work) or over-the-phone. Under the program, employers pay for WhiteGlove memberships and WhiteGlove does not charge the employer's health plan for its medical services or the generic Rx medications prescribed for its in-person visits. With hundreds of employers using WhiteGlove, its innovative approach operates at a fraction of the cost of other alternatives is proven to save both employers and their employees and dependents money without adding additional costs to the business or necessitating benefits plan redesign.

About Burrill & Company

Founded in 1994, Burrill & Company is a diversified global financial services firm focused on the life sciences industry. With $1.5 billion in assets under management, the firm's businesses include venture capital/private equity, merchant banking, and media. By leveraging the scientific and business networks of its team, Burrill & Company has established unrivaled access and visibility in the life sciences industry. This unique combination of resources and capabilities enables the company to provide life sciences companies with capital, transactional support, management expertise, insight, market intelligence, and analysis through its investments, conferences, and publications. Headquartered in San Francisco, the company oversees a global network of offices throughout the United States, Latin America, Europe, and Asia. For more information visit: www.burrillandco.com.

About WhiteGlove

WhiteGlove Health ( www.whiteglove.com ), a leader in service-driven healthcare, is focused on changing healthcare on a national level by lowering the cost while improving the consumers' healthcare experience. As a medical care provider, we offer self-insured employers a strategic, innovative approach to lowering their healthcare costs and improving their employee productivity and morale. WhiteGlove's Corporate Membership Program provides employers with direct access to acute care, chronic care, and wellness that sits alongside their current health plan delivering a high quality healthcare experience at a fraction of the cost of the existing provider network.
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