Investment in Leading Diagnostic Testing Platform to Support Growth and End Market Expansion
NEW YORK--(BUSINESS WIRE)--PWNHealth, a leading provider of healthcare diagnostic testing enablement solutions, announced today that it has received a significant growth investment led by Spectrum Equity, a leading growth equity firm focused on internet-enabled software and information services companies, with participation by the Blue Venture Fund (BVF), a unique collaboration between Blue Cross and Blue Shield (BCBS) companies, Blue Cross Blue Shield Association (BCBSA), and Sandbox to which thirty-six BCBS companies have committed over $800 million across four funds. The investment will enable PWNHealth to continue to expand its product offering to direct-to-consumer testing brands, diagnostic testing laboratories, health plans, and life sciences companies.
PWNHealth is the market-leading platform facilitating lab testing for consumers directly online, through their employers and via health plans. The company provides its partners with a comprehensive solution to lab testing, including connectivity to CLIA-certified labs, telehealth access to a nationwide physician and genetic counselor network, and an intuitive-to-use online platform to handle test ordering and result notifications at scale. Since its founding, the company’s mission has been to improve health outcomes by enabling safe and easy access to testing and professional guidance. PWNHealth is an industry innovator and thought leader in the diagnostic testing market and has played a critical role in addressing COVID-19 testing challenges nationwide.
"We are excited to partner with Spectrum Equity and the Blue Venture Fund as we embark on our next chapter of growth. We believe their expertise scaling leading healthcare technology companies will be vital as we continue to serve a growing number of constituents within the diagnostic testing landscape," said PWNHealth CEO Sanjay Pingle. "Our goal has always been to democratize consumer access to diagnostic testing across an expanding number of test types and methods, and we believe this growth investment will help us continue to improve our partner and consumer experience."
"We are thrilled to partner with Sanjay and the entire PWNHealth management team. We believe PWNHealth is at the forefront in providing services to address the accelerating long-term trend in direct-to-consumer healthcare diagnostic testing for personalized and preventative medicine. The company’s ability to streamline complex workflows and provide connectivity to its world-class physician and genetic counselor network provides tremendous value to consumers and its healthcare partners," said Jeff Haywood, Managing Director at Spectrum Equity.
Anna Haghgooie, Managing Director of the Blue Venture Fund added, "We are excited to support the PWNHealth team - especially at a time when preventive and proactive care in home and community-based settings is of growing importance. PWNHealth is the market's leader in quality and oversight for home-based testing programs, and we are excited to support the company as it continues to scale its services."
In conjunction with the transaction, Jeff Haywood and Michael Radonich from Spectrum Equity, along with Anna Haghgooie from the Blue Venture Fund, will join PWNHealth’s Board of Directors.
Financial terms of the transaction were not disclosed.
PWNHealth is a national clinician network working to improve early detection and prevention of disease using advanced diagnostics and telehealth. PWN services all 50 states and Puerto Rico with telehealth and telegenetic services. Our model enables safe and easy access to diagnostic testing, ensuring clinical validity, utility, quality consumer education, access to clinicians, and the ability to implement national programs seamlessly. Our solutions provide the clinical, legal, and technological framework to facilitate population-scale testing across key healthcare markets. Through integration with more than 80 CLIA-certified labs and support of over 3,000 test types, we are shaping a new paradigm in healthcare. We believe that empowering people with convenient access to clinically actionable testing has the power to change lives, improve outcomes, and create a healthier world. For more information, visit www.pwnhealth.com.
About Spectrum Equity
Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For over 25 years, the firm has partnered with exceptional entrepreneurs and management teams to build long-term value in market-leading internet-enabled software, information services companies. Representative investments include Ancestry, Bats Global Markets, Definitive Healthcare, GoodRx, Grubhub, Lynda.com, Net Health, SurveyMonkey and Verafin. For more information, including a complete list of portfolio investments, visit www.spectrumequity.com.
About the Blue Venture Fund
The Blue Venture Fund is a unique collaboration between Blue Cross and Blue Shield (BCBS) companies, BCBSA, and Sandbox to which thirty-six BCBS companies have committed over $800 million across four funds. The Blue Venture Fund invests in promising emerging companies of strategic relevance to BCBS companies and provides the portfolio with access to BCBS companies to deploy innovation at scale. Sandbox is an independent company that provides healthcare-related investment management exclusively for the Blue Venture Fund. For more information, visit www.BlueVentureFund.com.