Investment Summary

Eight Roads, Formica Capital and ICONIQ Capital Invest In Devoted Health

On October 20, 2017, private equity firm Eight Roads, family office Formica Capital and growth capital firm ICONIQ Capital invested in healthcare services company Devoted Health

Investment Highlights
  • This is Eight Roads’ 9th, Formica Capital’s 1st and ICONIQ Capital’s 1st transaction in the Healthcare Services sector.
  • This is Eight Roads’ 81st, Formica Capital’s 1st and ICONIQ Capital’s 25th transaction in the United States.
  • This is Eight Roads’ 2nd, Formica Capital’s 1st and ICONIQ Capital’s 1st transaction in Minnesota.

Investment Summary
Date 2017-10-20
Target Devoted Health
Sector Healthcare Services
Investor(s) Eight Roads
Formica Capital
ICONIQ Capital
Deal Type Venture

Target

Devoted Health

Eagan, Minnesota, United States
Devoted Health is a US-based healthcare solution provider driving accessibility and simplicity in healthcare centered around the patient, not the provider. “The Devoted Solution” encompass putting the focus back on the patient, building relationships between providers, and focusing on quality over quantity, in essence making healthcare easier and better. Devoted Health is based in Eagan, Minnesota.

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Investor(S) 3

Investor

Eight Roads

Investor

Category Private Equity Firm
Founded 1969
Size Small
Type Sector Focused
DESCRIPTION

Eight Roads is a private investment firm focused on a variety of investment opportunities across the US, Europe, and Asia. The Firm is divided into several investment strategies including venture, principal investing, and real estate. Within the principal investments group, Eight Roads backs established growth businesses with long-term capital. Eight Roads does not have any sector preferences, but has experience in fintech, business services, and healthcare. Eight Roads is based in London.

DEAL STATS #
Overall 170 of 298
Sector (Healthcare Services) 9 of 16
Type (Venture) 148 of 269
State (Minnesota) 2 of 2
Country (United States) 81 of 124
Year (2017) 34 of 40
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-17 BankBazaar.com

Chennai, India

BankBazaar.com is India’s fintech co-branded credit card issuer and online platform for free credit score. BankBazaar.com was founded in 2008 and is based in Chennai, India.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-08 Apellis Pharmaceuticals

Waltham, Massachusetts, United States

Apellis Pharmaceuticals is a clinical-stage biopharmaceutical company, focused on the development of a platform of novel therapeutic compounds for the treatment of a broad range of autoimmune diseases based upon complement immunotherapy. Uncontrolled complement activation can lead to a wide range of life-threatening or debilitating disorders. Apellis is the first company to advance chronic therapy with a C3 inhibitor into clinical trials. Apellis Pharmaceuticals was founded in 2009 and is headquartered in Waltham, Massachusetts.

Sell -
Investor

Formica Capital

Investor Investor Investor Investor Investor

Category Family Office
Founded 2018
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Formica is a family investment company with a long-term investment perspective, driving performance under a strong sustainability agenda in both investment selection as well as in its active ownership model. Formica’s investments lie within a range from around SEK 50 Million to SEK 700 Million. Formica Capital was founded in 2018 and is headquartered in Gothenburg, Sweden.

DEAL STATS #
Overall 1 of 11
Sector (Healthcare Services) 1 of 1
Type (Venture) 1 of 3
State (Minnesota) 1 of 1
Country (United States) 1 of 2
Year (2017) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-25 Collectius

Singapore , Singapore

Collectius is a trusted restructuring and servicing partner to financial institutions and commercial companies in Asia. Collectius's business is to purchase portfolios of non-performing consumer and SME loans and recover them. Collectius also serves financial institutions to help them resolve overdue accounts. Collectius was founded in 1999 and is based in Singapore.

Buy -
Investor

ICONIQ Capital

Category Growth Capital Firm
Founded 2011
PE ASSETS 80.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

DEAL STATS #
Overall 27 of 91
Sector (Healthcare Services) 1 of 2
Type (Venture) 15 of 72
State (Minnesota) 1 of 1
Country (United States) 25 of 80
Year (2017) 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-15 HighRadius

Houston, Texas, United States

HighRadius is an enterprise Software-as-a-Service (SaaS) company. The HighRadius Integrated Receivables platform optimizes cash flow through automation of receivables and payments processes across credit, collections, cash application, deductions, electronic billing, and payment processing. Powered by the Rivana Artificial Intelligence Engine, HighRadius Integrated Receivables enables teams to leverage machine learning for accurate decision making and future outcomes. HighRadius was founded in 2006 and is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-14 Conexiom

Vancouver, British Columbia, Canada

Conexiom is an operator of a platform that delivers touchless AP and Sales Order processing capabilities to manufacturers and distributors and is the only vendor that automates these key processes with 100 percent data accuracy. Conexiom eliminates expensive and error-prone manual processing, enabling customers to deliver a superior customer experience. Clients use Conexiom to redeploy resources to activities that deliver greater profitability, expedite order cycle time, and deliver orders on time and in full. Conexiom is based in Vancouver, British Columbia.

Buy -
Mergr

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