Jiff Closes $23.5 million Series C Funding Led by Rosemark Capital; Includes GE Ventures as Strategic Investor
May 21, 2015
Mountain View, Calif. – Jiff, the rapidly growing enterprise health benefits platform, today announced a $23.5 M Series C funding round led by Rosemark Capital, which includes a strategic investment from GE Ventures. Other investors include Venrock Associates, Aberdare Partners and Aeris Capital. The funding comes as Jiff announces the release of Jiff Navigator, a new tool that will help employers facing rising healthcare costs leverage data analytics and the latest health apps, wearables, and programs to manage health benefits and reduce healthcare spending.
"Healthcare costs are rising every year and employers, who spend a third of the country’s $3.8T healthcare dollars, continue to seek innovative ways to keep their workers healthy while bringing down costs. While there are plenty of health-focused apps, devices, and programs on the market, employers need tools to manage these benefits in a way that actually makes an impact," said Derek Newell, CEO of Jiff. “Jiff was designed to do just that.”
Jiff’s enterprise benefits platform is already helping Fortune 500 companies reduce healthcare costs by delivering smarter and simpler benefits – including individually tailored incentives programs. The Series C funding increases Jiff’s momentum during a time of expansion in product, workforce, funding, and client base. Boosted by an $18.3 million Series B funding round at the end of last year, the company has more than doubled its workforce since the end of 2014. Additionally, Jiff’s customer base has grown by 500 percent and the number of employees on the Jiff platform has increased by a factor of 10 during that period.
Rosemark Capital’s Chris Kuenne, founder of Rosetta, will be joining Jiff’s Board of Directors. Kuenne will be working with Jiff to enhance its enterprise selling expertise and to help Jiff provide its customers with more ways to engage employees through personalized marketing techniques.
“Jiff is the leading platform in a space that’s growing exponentially. I look forward to putting our personalized digital engagement background to work to help Jiff’s customers better engage employees. I see tremendous potential for Jiff to expand its already impressive customer base by offering a unique and effective employee engagement solution,” said Rosemark Founder and Managing Partner, Chris Kuenne.
"Jiff already engages employees at industry-setting rates. As the platform scales, GE Ventures is excited about the outcomes Jiff is poised to deliver in an increasingly valuebased marketplace," said GE Ventures’ Amy DuRoss, who will serve as a Board Observer.
Built on their enterprise health benefits platform, Jiff’s latest product, Jiff Navigator, personalizes programs and incentives for each user – using a health assessment, claims data, or biometric data – to drive utilization of the right health and healthcare services, to the right person, at the right time. Jiff integrates with over 48 health programs and devices, including Quest Diagnostics, Ovuline, MyBrainSolutions, Zipongo, MyFitnessPal, Fitbit, Teladoc, and Doctor on Demand.
Navigator drives employee engagement by making it easy for employees to access and use a range of custom-designed health benefits, such as weight loss or telemedicine programs, and by providing instant feedback and rewards when employees participate. Navigator also introduces a range of features tailored to meet the demands of enterprise benefit programs, including an integrated events calendar, social networking, and benefit cards. Personalized incentives motivate employees through a smart, points based rewards system, encouraging actions that lead to happier, healthier employees – which, in turn, reduces employer healthcare costs.
"Jiff Navigator was designed to meet the needs of large enterprises, creating a home screen for health benefits that allows benefit managers to integrate existing benefits, create custom programs, and demonstrate ROI through real-time data analytics," Newell said.
Navigator complements Jiff’s two existing products. Jiff Incentives is a customizable program that rewards employees for a wide range of different activities: assessments, interactions with third-party programs, changes in behavior, and outcomes. Jiff Challenges allows employers to create social, interactive experiences that engage employees in deadline-driven games and build healthy habits that last.
Jiff is on a mission to help companies lower healthcare costs and cultivate happier, healthier employees. Jiff’s enterprise benefit platform integrates all the vendors employers already have in place, and lets them choose from over 50 pre-integrated services. By delivering personalized incentives, real-time data analytics, and a beautifully designed experience, Jiff targets individual employee cost drivers and increases utilization of those services proven to save money. Based in Mountain View, Calif., Jiff is led by veteran healthcare and technology leaders and serves some of the largest employers in the world. Smart benefits. Brilliant design. Jiff.com
Media Contact: Courtney Lamie
Crosscut Strategies, (202) 792-7200