Healthcare private equity firm makes significant strategic investment in leading healthtech company addressing loneliness epidemic
MINNEAPOLIS–(BUSINESS WIRE)–Pyx Health, a tech-enabled services company that provides health plans and their members an innovative, scalable solution that uniquely reduces loneliness and social isolation, today announced a majority growth investment from TT Capital Partners (TTCP). The company’s innovative app-based technology, paired with timely human interventions, improves patient and member outcomes in vulnerable populations, reduces financial burdens on the health care system, and promotes health equity. Pyx Health was founded in 2017 and today serves more than 6 million covered lives, ages 13 to 102, in more than 70 markets across nearly 30 states. The company works with nearly all major payers, as well as government, employer and community health plans across the United States.
“Health plans are increasingly seeking ways to address loneliness and social determinants of health – and to manage costs for complex populations,” said Dawn Owens, TTCP Partner and CEO. “We have followed Pyx Health for several years and look forward to building upon our prior experience with businesses that address social determinants of health, improve health equity, and drive consumer engagement.”
Conor Green, TTCP Partner, added, “We seek to work with founders who have successfully scaled their businesses but are ready for the next stage of growth. We plan to utilize our network of strategic limited partners and relationships across the healthcare industry to raise the profile of Pyx Health.”
Pyx Health Founder and CEO Cindy Jordan’s profound experience with her stepdaughter’s struggle with loneliness led her to create Pyx Health. “Loneliness has now been recognized by the U.S. Surgeon General as a public health crisis. With provider shortages and increased demand for services, the need for a non-clinical, science-based loneliness solution like Pyx Health is greater than ever,” Jordan said. “We are thrilled to have found a like-minded partner in TT Capital Partners. They are not just a source of capital, but provide deep healthcare expertise, operating capabilities, and access to health insurance plans and other potential customers. They are truly in lockstep with both our cultural and business ideals to support our growth and direct meaningful resources to tackle loneliness, where it matters most, for everyone who needs it.”
“Our partnership with Pyx Health draws upon our firm’s success in partnering with engagement and services businesses addressing the complex needs of individuals underserved by our current healthcare system,” said Adam Letson, TTCP Principal. “We are eager to provide our firm’s operational support as the company scales.”
TripleTree LLC served as exclusive financial advisor to Pyx Health. Weiss Brown PLLC and Brownstein Hyatt Farber Schreck LLP provided legal advice to Pyx Health; and Bass, Berry & Sims PLC served as legal advisor to TTCP. Financial terms of the transaction were not disclosed.
About Pyx Health
Pyx Health offers the first evidence-based, data-driven loneliness solution that effectively addresses society’s critical loneliness epidemic. Pyx Health leverages scalable technology and skilled, compassionate peer-to-peer human support to effectively reduce loneliness. Pyx Health’s unique approach improves mental health outcomes, mitigates loneliness-related physical health conditions, and ultimately reduces health care costs. For more information, visit us at www.pyxhealth.com and follow us on LinkedIn, Twitter and Facebook. Because no one gets better alone™.
TT Capital Partners (TTCP) is a value-add healthcare investor that provides capital, expertise and insight to healthcare technology and services companies that have the potential to become market leaders. With its exclusive focus on healthcare, extensive industry network, and deep investing and operating experience, TTCP invests in high-growth businesses that are innovating and disrupting how healthcare is delivered, managed and consumed. Learn more at www.TTCapitalPartners.com.