Minneapolis Startup Novu Raises $20 Million For Healthcare SaaS


Via News Release

“MINNEAPOLIS – April 7, 2015 – Novu today announced it has raised $20M in funding from SSM Partners and Noro-Moseley Partners. The company will use the funding to further cement its leadership position and propel its technology and product roadmap to support existing and new market opportunities.”

The Novu platform has proven its pedigree working with the nation’s leading payers in Medicare, Medicaid and other complex government programs. To date, insurers, providers and employers have leveraged Novu’s ability to create and deliver personalized health experiences that drive positive health and business outcomes. The new capital will allow Novu to continue to rapidly catalyze this growth and success.

“The health care system, to date, has not been successful in moving past a transactional relationship with the consumer, resulting in low rates of engagement and lack of trust,” said Tom Wicka, CEO of Novu. “Novu creates a meaningful connection between individuals and the health system, delivering new ways of reaching consumers and efficiencies for technologies, protocols and care teams. SSM and Noro-Moseley have significant insight and connections in both technology and healthcare that will help propel this innovative vision and our success, and we are excited to partner with them in this effort.”

Novu’s SaaS platform creates tailored experiences that combine rewards, education, challenges and social features with personalization, behavioral science and gamification to drive consumer engagement in partnership with the health care system. Through Novu, payers, providers and employers can deliver, incent and track business outcomes and protocols within the frame of a new consumer experience.

“The Novu team has combined consumer marketing expertise with healthcare expertise to build a platform that is unmatched in the industry,” said Casey West of SSM Partners who is joining Novu’s Board of Directors.  “Novu’s ability to engage with health plan members in a positive way and assist them in closing gaps in care really caught our attention.  They are able to put their enviable consumer marketing talents to work for the healthcare industry.”

“We are very enthusiastic to partner with Novu and its leadership to support the continued growth and expansion of the Company,” said Allen Moseley of Noro-Moseley Partners who is joining Novu’s Board of Directors. “Novu has already demonstrated real value for existing customers in the rapidly expanding consumer engagement market for managed care plans. We believe the company’s comprehensive solution will continue to drive significant business growth, innovation, and industry leadership.”

To learn more about Novu, please visit: https://www.novu.com/.

About Novu

Novu is a member-centric technology and services platform designed to serve as integrator between payer, provider and member. Leveraging clinical and behavioral best practices, social experiences, gamification, rewards, loyalty and advanced data, the company helps the industry’s most innovative health insurance companies, health services organizations and corporate employers achieve their organizational goals. Through this proprietary, powerful combination, Novu facilitates relevant, member-driven wellness actions and decisions that encourage physical, emotional and financial health. Available wherever consumers want to engage in their health, the Novu platform delivers an empowering, rewarding and connected experience via desktop, mobile and tablet. The company is headquartered in Minneapolis, MN. More information is available at www.novu.com.

About SSM Partners

SSM has partnered with talented entrepreneurs for more than 20 years. The growth equity firm invests in rapidly growing companies within three primary areas: software & technology, Internet & consumer, and healthcare. SSM companies have proven and differentiated business models, limited prior institutional investment, and are often entrepreneur-owned and managed. Starting with a relationship built on trust, SSM offers its entrepreneur-partners a thorough understanding of the growth company lifecycle and a collaborative approach to building great businesses. For more information, please visit www.ssmpartners.com.

About Noro-Moseley Partners

Noro-Moseley Partners, based in Atlanta, is a venture capital firm focused on early growth stage companies in the healthcare IT and services sectors and information technology sectors. Since 1983, NMP has been a leader in its market, investing more than $650 million in over 175 companies. The managers of NMP’s current fund, Noro-Moseley Partners VII, have more than 60 years collectively of direct venture investing experience and bring a diverse set of skills to assist entrepreneurs in growing their companies. For more information, visit www.noro-moseley.com.