Florida Funders continues to fund companies showcasing emerging tech startups in the Sunshine State
TAMPA, Fla. (January 12, 2020) – Florida Funders, a hybrid of a venture capital fund and an angel investor network that’s recognized as the top VC in the Southeast region by Pitchbook, announces its second investment from Fund 2 in HealthSnap, a Miami-based Remote Patient Monitoring (RPM) and analytics platform for virtual chronic disease management.
This latest round of financing, co-led by Florida Funders, totaled $4 million and will be used by HealthSnap to improve client management and patient support for top health system clients across the country. In 2020, amidst increased demand during COVID-19, HealthSnap secured agreements with over 10,000 physicians, including several top-25 health systems. Florida Funders contributed $1.4 million from the Florida Funders Fund 2, the Seed FL Fund, the FL Institute, and the Florida Funders’ investor network, bringing HealthSnap’s total funding to $6.5 million to date.
HealthSnap’s Remote Patient Monitoring (RPM) platform is disease-agnostic and enables care teams to monitor patient vitals and lifestyle data outside of a clinical setting, ensuring vulnerable chronic populations receive the right care at the right time. Additionally, HealthSnap makes it simple for providers to diversify revenue streams with new RPM reimbursement that is being promoted by the Center for Medicare and Medicaid Services (CMS) in light of COVID-19. HealthSnap’s intuitive interface also empowers individuals to take a more active role in their own healthcare plan and maximizes patient engagement between visits. The platform’s ongoing monitoring allows healthcare providers to catch changes in a patient’s health before they become an issue and adjust treatment for their chronic disease remotely and proactively to get them back on track.
“With chronic diseases being among the most prevalent and costly health conditions in the United States, HealthSnap’s platform is giving healthcare providers the ability to better manage their high-risk chronic patients at home, while also empowering patients to keep track of their health,” said Tom Wallace, managing partner at Florida Funders. “Their innovative approach to healthcare management is connecting patients and providers in a way that has been missing from the marketplace.”
Florida Funders was also impressed by HealthSnap’s leadership team, which includes co-founders Samson Magid, Chase Preston, and Dr. Wesley Smith, in addition to an outstanding group of healthcare and healthcare IT veterans. Among them is Brad Blakey, who joined HealthSnap last year as Executive Vice President and CRO and brought with him more than 30 years of sales and marketing experience at successful companies like AthenaHealth, NextGen Healthcare, and CareCloud.
Florida Funders’ Steve MacDonald is joining the startup’s board of directors and will help guide the company as it continues to grow. MacDonald serves as a Partner and Board Member at Florida Funders and is part of the VC’s investment committee. A serial entrepreneur, MacDonald founded MacDonald Ventures, TechHealth, and myMatrixx, which was the first web-enabled pharmacy benefits manager and exited to Express Scripts in 2017 for $250 million.
“The way that chronic conditions are managed has fundamentally changed. We know that chronic conditions happen outside the clinic, and so should patient care. It’s a very patient-driven approach, and healthcare historically has not been that way. That’s how we’re flipping the model on its head,” said Magid, who is also HealthSnap’s CEO. “We’re a proud Florida company and have known for years that the Sunshine State is truly the Startup State. What better place to transform healthcare than Florida, which is becoming a true hub for innovation and technology.”
Florida Funders is constantly and actively looking to grow and add investors to their network. They have fully deployed their Fund 1 and are hard at work seeking new investment opportunities.
HealthSnap is a remote patient monitoring platform for virtual chronic disease management. By making personalized and actionable health data accessible to everyone, HealthSnap empowers people living with chronic conditions anytime, anywhere. The company combines a comprehensive Remote Patient Monitoring Platform with remote care services that make it simple and profitable for healthcare organizations to improve patient outcomes, reduce readmissions, and lower the cost of care with virtual chronic disease management programs. To learn more, visit www.healthsnap.io.