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Mango Health Closes Series A Financing Led by Kleiner Perkins Caufield & Byers
SAN FRANCISCO, May 21, 2014 /PRNewswire/ --Mango Health, a leader in mobile health, today announced a $5.25 million round of Series A financing led by venture capital firm Kleiner Perkins Caufield & Byers (KPCB). In addition, Dr. Beth Seidenberg, a General Partner at KPCB, will join Mango Health's board of directors.
Mango Health operates an enterprise platform that uses mobile software to engage patients and improve rates of adherence to prescribed treatment regimens. Since launching in 2013, the company has established partnerships with some of the largest entities in healthcare including a leading U.S. integrated care delivery system, a national pharmacy benefit manager and a top U.S. health plan. Mango Health's first consumer product, an iPhone application, has been promoted by Apple on the App Store since May 2013.
The Mango Health team is comprised of veterans from companies including Google, Castlight Health and mobile game company ngmoco and uses expertise in mobile software development and persuasive design to establish new standards of daily engagement in personal health management.
"Spending to treat chronic disease now accounts for 75% of U.S. healthcare expense, yet most disease management programs fail due to an inability to engage patient populations or to reliably communicate with the patient populations enrolled in the programs," said Jason Oberfest, Co-Founder and CEO of Mango Health. "By focusing on improving medication adherence, we have created immediate value for many stakeholders in U.S. healthcare. At the same time, we have established a platform for long-term patient engagement by building a product that people want to use every day."
The Series A financing will be used to accelerate key aspects of the business including engineering, content development, product marketing and account management to service existing and future health industry partnerships.
"We are seeing a massive shift in medicine where the tools are being reinventedsoftware is being used to improve health outcomes, and Mango Health is a great example of that," said Dr. Seidenberg, who brings a successful career in life sciences as the founding CEO of two biotechnology companies and former Senior Vice President and Chief Medical Officer of Amgen, Inc. to the board. "Mango Health's unique product design has led to daily usage patterns that we haven't seen before in this category, with an impressive lift in medication adherence. At the same time, the team's partnerships with leaders in healthcare have allowed them to unlock the value for patients, providers and payors."
"Our potential for growth is created by operating at the intersection of consumer technology and healthcare. KPCB understands this intersection incredibly well, and we are thrilled to be working with Beth and the entire KPCB team," said Oberfest.
Prior to the Series A round, Mango Health raised seed financing from Floodgate Fund, First Round Capital, Baseline Ventures, Bullpen Capital and individual investors. In 2012 the company participated in the accelerator program at Rock Health, which supports startups building the next generation of technologies transforming healthcare.
About Mango Health
Mango Health apps inspire consumers to lead healthier lives. The company's first product improves rates of medication adherence, a critical step towards better health for millions of Americans. The company partners with leading care providers, health plans, pharmaceutical companies and self insured employers to engage patients, reduce repeat visits, lower costs of care and improve clinical outcomes. For more information, visit http://www.mangohealth.com and follow us @mangohealth.
About Kleiner Perkins Caufield & Byers
Kleiner Perkins Caufield & Byers (KPCB) partners with the brightest entrepreneurs to turn disruptive ideas into world-changing businesses. The firm has helped build pioneering companies like Amazon, Electronic Arts, Genentech, Google, Nest, Netscape, and Twitter. KPCB offers entrepreneurs years of operating experience, puts them at the center of a vast and influential network, and accelerates their success through expertise and support in recruiting, product design and delivery, business development, strategic partnerships, and brand building. KPCB invests in all stages from seed and incubation to growth companies and operates from offices in Menlo Park, San Francisco, Shanghai, and Beijing. For more information, visit https://www.kpcb.com and follow us @kpcb.
SOURCE Mango Health
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