Healthrageous Closes Shop, Liquidates Assets

10-1-2013 10-38-53 PM

Boston, MA-based digital health pioneer Healthrageous closes shop after nearly four years of trying to monetize a health portal designed to help patients better understand and manage chronic conditions. The startup launched in 2010 as a spin off from the Center for Connected Health, a Partners Healthcare/Harvard University-led innovation center focused on digital health.

In 2010, Healthrageous raised a $6 million series A investment round, led by North Bridge Venture Partners, Egan Managed Capital, and Long River Ventures. At the time, the startup was already generating a good deal of buzz in the industry, as experts speculated on how the Ivy League kids might rewire healthcare. In November of the same year, Healthrageous was selected as a Dow Jones Start-Up to Watch by VentureWire. In December, it was named a Mass High Tech “Five you should follow” tech startup.

"To date, the solutions have enjoyed highly-visible industry attention.  Our core platform demonstrates clinical effectiveness and a strong value proposition by improving health outcomes, reducing healthcare costs and creating a measurable return on investment for our customers.” – Rick Lee, CEO of Healthrageous, speaking on their 2010 funding round.

10-1-2013 10-21-53 PM

At the end of 2010, the startup announced the commercial launch of its digital health platform, called h!Go. The app was not made available to the general public. Instead, it was marketed to employers, health plans, and health providers as potential customers who would license it on the behalf of patients or employees. The strategy failed to generate enough revenue to sustain the startup and so in 2011 the company returned to investors and secured an additional $2.5 million, followed shortly after by a $6.5 million series B round closed in 2012. By the end of 2012, Healthrageous had raised a total of $15 million in investment funds.

During 2012 and 2013, the company announced a slew of PR generating strategic partnerships that did little to fix its business model or bring it to profitability. During a keynote at the 2012 Digital Health Summit, part of the CES tradeshow, the company announced a strategic partnership with Ford to integrate its wellness platform into Ford cars.

On September 30, just two months after entering into another partnership aimed at researching diabetes management strategies, company announced that it would close, selling all of its assets to an unknown buyer for an undisclosed sum.

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