Springbuk Announces $20M in Funding, New Jobs

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Indianapolis-based Springbuk has landed a $20 million round of financing. The employer health data company says the financing will allow for an expansion and up to 100 new high-tech jobs by 2020. The round was led by California-based HealthQuest Capital and Echo Health Ventures, with participation from Elevate Ventures in Indianapolis.

Springbuk, founded in 2015 by Rod Reasen and Phil Daniels, aims to help employers use health data to lower costs. The company believes the funding will allow it to make capital investment that will help identify $4 billion in potential health cost savings for employers by the end of 2020. It says the expansion will put a big focus on product innovation, data operations and customer success initiatives.

Springbuk is headquartered at the Union 525 building in downtown Indianapolis. Last summer, the company said its customer base had grown to 900, leading it to add about 10 employees. In 2016, Springbuk announced a $3.75 million round of financing aimed at growth and boosting innovation.

Pictured left to right: Elevate Ventures CEO Chris LaMothe, Springbuck co-founders Rod Reasen and Phil Daniels, and Indianapolis Mayor Joe Hogsett.