ConnectivHealth Raises $2.1 Million for New Products and Acquisitions
Investors Include Chrysalis Ventures and Petra Capital
NASHVILLE, Tenn., July 20, 2007—ConnectivHealth, a health
care information company, today announced it has raised $2.1 million
in financing to accelerate its expansion in the national health
care digital media space. The news follows ConnectivHealth’s
recent acquisition of Nashville-based Relegent, which delivers
online health care information to the hospital and education industries.
In addition to original company investors, Chrysalis Ventures,
Petra Capital Partners, and Scott McQuigg, the company’s
President and CEO, other members of the management team also participated
in the financing.
“The financing comes at an opportune time as we prepare
to launch several innovative Web products for physicians and consumers,” said
McQuigg.
McQuigg added that part of the funding also went toward the recently
acquired Relegent and its two core brands: HealthTeacher, which
provides K-12 health curriculum online to more than 7,000 schools;
and Discovery Hospital, offering consumer health content via more
than 150 hospital Websites in partnership with Discovery Communications
Inc.
“The continued support of our investors enables us to acquire
and market unique companies that align with our vision of connecting
physicians, schools, hospitals and consumers through a common health
care information platform. At the same time, it also allows us
to aggressively grow our customer base through new products,” said
McQuigg.
In other news, the company is relocating its headquarters from
Scottsdale, Ariz., to Nashville and will be moving into a new 7,000
square-foot office in the Nashville area to accommodate recent
growth. McQuigg noted that ConnectivHealth will add 10 new positions
this year, with as many to follow in 2008.
In addition to its online hospital and education products, ConnectivHealth
reaches 150,000 physicians through VerusMed, a company which delivers
independent clinical news briefs.
About ConnectivHealth
ConnectivHealth is building a network of health care information
and new media businesses that enable the delivery, distribution,
and organization of important health information for physicians,
health care professionals, hospitals, schools, and consumers.
The ConnectivHealth network includes HealthTeacher, VerusMed
and Discovery Hospital. The company's investors include Petra
Capital Partners of Nashville, Chrysalis Ventures of Louisville,
Ky., and members of the management team. For more information,
e-mail us at info@connectivhealth.com.
About Petra Capital Partners
Based in Nashville, Tenn., Petra Capital Partners provides growth
capital to business, information, and health care services companies
throughout the United States. Petra specializes in helping proven
entrepreneurs build sustainable growth companies by serving as
a trusted advisor and a reliable source of capital. Petra targets
transaction sizes under $10 million in the form of equity or
subordinated debt with warrants in high growth companies to fund
organic growth, acquisitions, or in certain cases, owner recapitalizations.
For more information, please visit www.petracapital.com/.
About Chrysalis Ventures
Founded in 1993, Chrysalis Ventures is a leading source of equity
capital for young growth companies in the Midwest and South.
Chrysalis invests primarily in early-stage and expansion-stage
companies in health care services and technology, media and communications,
and business services. With headquarters in Louisville, Ky.,
and a second office in Cleveland, Chrysalis has more than $300
million under management and has made investments in over 50
companies. For more information, please visit http://www.chrysalisventures.com/.
For more information, contact:
Michelle Ponte, Communications Director
ConnectivHealth
615-345-9467
michelle.ponte@connectivhealth.com