Limeade, which helps companies improve the health and well being of their workforces, has landed $2.4 million in new financing with plans to raise up to $600,000 more. But don't look for the Bellevue startup to go after a big $10 or $15 million series B anytime soon.
"We ascribe to the new ultra-lean (software as a service) paradigm of financing," says CEO Henry Albrecht. "We believe that with a couple million dollars, a clear sense of mission, and a small ... high-energy team, we can sign up (and delight) real enterprise customers."
Those customers -- which now number about 20 -- include the State of Washington, the Puget Sound Blood Center, Seattle Mariners and R.W. Beck. And business continues to boom.
"We saw over 200 percent growth in contracted seats between Q1 and Q2," said Albrecht, a former executive at Bocada. "Our customers see rates of employee assessment completion and ongoing engagement unheard-of in the industry, and use the workforce intelligence we provide to design cash-saving HR/benefits strategies."
Limeade is riding the wave of some big national trends, most importantly healthcare reform and a drive to make the nation's workforce healthier.
It does this by helping employees achieve certain goals -- for example to reduce stress, quit smoking, lose weight or improve sleeping patterns. And it monitors an employee's performance via the Web, encouraging them to hit certain goals and offering incentives from the employer if they reach milestones.
Limeade also encourages other employees to support the efforts of their co-workers through an online community where folks can offer tips and suggestions on how to -- for example -- train for a marathon or eat healthier.
Employees also can tap additional resources such as health coaching and disease management in a drive to lead a healthier lifestyle.
We put employees in charge of their own self-improvement with a turnkey system built around the science of behavior change. Peer support, company incentives, challenges and goal-tracking all combine to create an engaging, cohesive experience.
John Cook is the co-founder of TechFlash. Follow him on Twitter @johnhcook.
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