Springbuk Draws $20M VC Infusion

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SpringBuk's expansion plans were detailed at its home at The Union 525 in downtown Indianapolis. SpringBuk's expansion plans were detailed at its home at The Union 525 in downtown Indianapolis.
INDIANAPOLIS -

Indianapolis-based Springbuk co-founder Rod Reasen says the Midwest provides a special environment that has supported the less-than-three-year-old employer health data business and its expansion plans boosted by a new $20 million investment round. "People are just willing to work hard," he told Inside INdiana Business Multimedia Journalist Mary-Rachel Redman, "and work with limited resources." He says the company's team-centered approach has laid the foundation for continued growth, with more than 1,200 employers currently using the company's software. Reasen and co-founder Phil Daniels discussed the expansion plans, which could include up to 100 additional jobs over the next two years.

The investment includes participants from California, Seattle and Indianapolis-based Elevate Ventures. "We heard loud and clear that the Midwest -- and Indianapolis, specific -- it's a fertile ground to grow great businesses to solve big problems and I think health care is an evergreen topic that we're trying to solve here," Daniels said. Springbuk, he added, met with about 75 venture capital firms from throughout the country before partnering with HealthQuest Capital and Echo Health Ventures. "I think it's great external validation for our team, for our city, that we can do great things here," said Daniels.

Reasen says Springbuk's target is to help customers cut $4 billion by using its technology, a milestone he calls "the tip of the iceberg," saying there are "many, many" more billions of potential savings. In addition to the new jobs, the expansion will involve growing the company's reach and further its product development efforts.

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