Phreesia secures $11.6 M Series C Funding

Phreesia secures $11.6 M Series C Funding led by BlueCross BlueShield Venture Partners and Sandbox Industries

New York, NY - February 17, 2009 - Phreesia, the Patient Check-In Company™, the leader in patient-intake, announced today the close of an $11.6 million investment, bringing total investment to date to $25 million. BlueCross BlueShield Venture Partners, L.P., a corporate venture fund of the BlueCross BlueShield Association, and Sandbox Industries led the round, joining existing investors Polaris Venture Partners, HLM Venture Partners, and Long River Ventures. As part of the investment, Paul Brown, Managing Director of BlueCross BlueShield Ventures, Inc. and Matthew Downs, Managing Partner of Sandbox Industries will join the Phreesia board of directors.

"This investment by BlueCross BlueShield Venture Partners and Sandbox Industries is a validation of Phreesia's successful growth as the Patient Check-in Company and as a leading healthcare information technology company. Phreesia will use this funding to expand its rapidly growing footprint of thousands of doctors in 49 states," said Chaim Indig, Phreesia's President and Chief Executive Officer. "Given the push by the new Administration towards advanced healthcare IT adoption, this is an exciting time to be at the forefront of technology for patient-centered care. We are proud to have such a strategic partner lead this round."

Paul Brown, Managing Director of BlueCross BlueShield Ventures, Inc., said, "BlueCross BlueShield Venture Partners is committed to ensuring that providers are able to deliver the best care possible to patients. In Phreesia we are investing in a healthcare company that is demonstrating enhanced clinical outcomes for patients and more accurate, hassle-free information for physicians. Our providers and members will benefit from improved monitoring of treatment response and overall support of measurement-guided care."

BlueCross BlueShield Venture Partners is a $116 million venture capital fund to which eleven independent BlueCross and BlueShield companies have committed capital. The fund invests in technologies, products, and services in the U.S. healthcare industry that promote efficiency, lower costs, and improve options for consumers. In a unique partnership, the fund is managed jointly by representatives from the BlueCross BlueShield Association, participating BlueCross BlueShield companies, and Sandbox Industries, a Chicago-based venture capital firm.

Allen & Company LLC served as the exclusive placement agent for the private placement.