BELLEVUE, WA--(Marketwire - Nov 8, 2012) - Limeade, a leading enterprise software-as-a-service (SaaS) wellness company today announced that it has secured $5 million in Series B financing from TVC Capital, a San Diego-based growth equity fund focused on investments in software companies and software-enabled service firms.
Limeade will use the funds to fuel customer-focused innovation and provide world-class service to their growing list of high-performance clients. This financing brings the total amount of equity capital raised by Limeade since its 2006 inception to $8.5 million. Steven J. Hamerslag, TVC Capital co-founder and managing partner, will join the Limeade Board of Directors.
"Improving the health and productivity of the nation's workforce is one of the most critical challenges facing this country. Limeade's intense customer focus and cutting-edge technology make it the wellness platform of choice for some of the best and most forward-thinking companies in the country. We've been very impressed with the Limeade team and their ability to build a strong foundation for growth. We love that they did all this in such a lean, capital efficient manner. This is the kind of market leadership and innovation that TVC gets excited about," stated Mr. Hamerslag.
Limeade focuses on improving employee health and performance. Limeade clients include market leaders, such as Jamba Juice, Cincinnati Children's Hospital, REI, and Swedish Medical Center. In each of the past three years, Limeade has achieved more than 100% revenue growth. In the second half of 2012 alone, Limeade will add more than 100,000 new employee users. Limeade is expanding into larger corporate headquarters in Bellevue, WA, and is actively hiring new talent for positions across the company.
"We're thrilled to partner with TVC Capital, a firm that understands what it takes to grow a sustainable SaaS business. Our clients deserve the highest levels of employee engagement, the most measurable results, and the most customer-focused innovation. We intend to deliver for them. We're excited to continue building happy, healthy, high-performance workforces," stated Limeade CEO Henry Albrecht.
ABOUT TVC CAPITAL LLC
TVC Capital is a San Diego-based private equity firm focused on investments in and acquisitions of software companies and software-enabled service firms. TVC Capital targets a wide spectrum of software sectors and industry verticals that are poised for growth and consolidation. The TVC team is led by Steven Hamerslag, Jeb Spencer, and Chris Noser, operating executives with more than 60 years of experience growing technology companies into market leaders. TVC Capital portfolio companies included Accordent Technologies and Del Mar Datatrac, and current investments include Limeade, Anametrix, Mercent Corporation and iQ for Business.
Limeade is an enterprise wellness platform that builds happy, healthy, high-performance workforces. Limeade provides a refreshing alternative to traditional, antagonistic wellness approaches, and connects all wellness programs in an integrated, cohesive user experience. Limeade clients include Fortune 100 Best Companies to Work For, healthcare providers, and large, high-performance employers. Additional information about Limeade may be found at www.limeade.com.