RedBrick Health said Wednesday that it has raised another $15 million in venture capital.
Fidelity Ventures, the Boston-based venture capital arm of financial services giant Fidelity Investments, led the financing. The company manages about $800 million and typically invests in health care, communications, software and education.
Versant Ventures of Menlo Park, Calif., and Highland Capital Partners of Lexington, Mass., RedBrick's original investors, also contributed cash. The two firms previously gave RedBrick $15 million.
The money "reinforces [to] us that we are absolutely on the right track," RedBrick Chief Executive Kyle Rolfing said. "There is an appetite for what we bring to the market."
Founded in 2006 by Rolfing and other veterans of Definity Health, Minneapolis-based RedBrick works with large, self-insured employers and runs health-and-wellness as well as disease-management programs for companies.
The company provides incentives for workers to improve their health. A smoker who signs up for a cessation program, for example, gets a discount on premiums. So does an obese worker who participates in a weight-loss program.
Rolfing said the company was not looking to raise more money until early to mid-2008. But Fidelity approached RedBrick during the summer and "it all just came together."
What Fidelity does for workers' finances, by helping them manage their money through 401(k)s, RedBrick does for health care by running disease-management programs and offering workers incentives to stay healthy, he said.
