Leading Provider of Wellness Programs Bravo Wellness, LLC Receives $22 Million Investment
August 12, 2014 – CLEVELAND – Bravo Wellness, LLC, a provider of innovative outcomes-based wellness programs, today announced a $22 million Series A minority investment from ABS Capital Partners, a leading investor in later-stage growth companies. Bravo Wellness will use the proceeds to expand its sales and marketing efforts and to continue to innovate and expand its solutions. ABS Capital Partners Managing General Partner John Stobo will join the Company’s board of directors and General Partner Mark Anderson will be an observer.
“Our solution has already had a huge impact in numerous organizations, but we wanted to keep innovating the product and reach even more customers,” said CEO and Chairman Jim Pshock. “Bravo continues to see strong growth and an increased demand from companies and their employees trying to control increasing health care costs by employing innovative wellness solutions. We wanted to make sure that we found a partner who sees the exciting opportunities we have, and ABS Capital is the right fit.”
Bravo, founded in 2008 and headquartered in Cleveland, Ohio, designs and administers outcomes-based wellness initiatives for companies, organizations, brokers and other wellness providers. Approximately 75 percent of all health care spending in the United States is lifestyle related and linked to individual behavior. Lifestyle choices significantly influence health care costs, and adding accountability through a wellness program can reduce these costs in both the short and long term. Bravo provides tailored solutions through a robust technology platform combined with deep domain expertise, particularly with regard to compliance and tracking personalized improvement goals. Unlike most wellness programs that are based on participation, activity and uncorrelated rewards, Bravo’s solutions are based on biometric data (such as smoking habits, body mass index, blood glucose, blood pressure and cholesterol) that give the employee the opportunity to impact meaningfully his or her health as well as the associated insurance premiums. Bravo’s proprietary technology platform provides employers with a solution for coordinating biometric screenings, tracking incentives and employee compliance, determining reasonable alternatives, resolving appeals and providing the tools for data-driven decision-making.
“We were impressed by the differentiated, outcomes-based solutions that the management team has built. They have positioned the company as an industry leader, and we look forward to working with the team through this next phase of rapid growth,” said Stobo. “It is exciting to be backing Bravo as it continues its mission of simultaneously helping companies and employees save money while improving health and wellbeing.”
Bravo provides a consultative and innovative approach in administering a program that works best for each client’s culture and provides options for immediate cost savings. Bravo has had great success with a wide variety of customers such as Insurance Office of America, Valeo, Graco Inc., Southwest General Health Center and MasterBrand Cabinets, Inc., helping each organization to achieve its own unique program goals.
Brown Gibbons Lang & Company acted as the exclusive placement agent to Bravo Wellness for the financing.