Des Moines health tech startup OpenLoop announced today a Series A financing round of $8 million.
OpenLoop will use the capital to continue to expand its telehealth services and to grow its team. The company currently has 45 employees with plans to add another 25-30 employees by the end of the year.
“Just six months ago 90% of our deal flow was outbound, and then there was pretty much an overnight shift where everything then came inbound,” said Jon Lensing, CEO and co-founder of OpenLoop. “95% of our deal flow right now is inbound so we’ll be ramping up our sales team, our marketing efforts, to bring up that outbound activity levels back to where we were at pre-inflection point, supplementing our sales force to handle all the inbound demand generation that we have, and then adding new marketing resources to really expand on that because I think we’ve just barely scratched the surface here.
This round was led by SpringTide Ventures, a Massachusetts-based VC firm dedicated to improving the field of medicine by investing in organizations solving major technology challenges within healthcare. They were joined by Des Moines firm ManchesterStory, along with all existing investors including Next Level Ventures, Panoramic Ventures, ISA Ventures, and some strategic healthcare syndicates.
“OpenLoop selected SpringTide as our lead investor because of how closely their vision and culture aligned to our own,” said Christian Williams, Co-founder and COO of OpenLoop in a statement. “We were very impressed by their focus on accelerating virtual care delivery through high quality patient services and innovative technology solutions; two areas where they viewed us as leaders.”
“We are delighted to partner with OpenLoop,” said Ryan Morley, Partner at SpringTide. “OpenLoop’s mission to bring healing anywhere through virtual support to patients aligns strongly with SpringTide’s purpose-driven investments. The funding will enable OpenLoop to further advance the initiative to support companies launching and scaling virtual care services across the nation.”
The latest round of capital brings OpenLoop’s total raised to approximately $11 million.