Nine tiny lines of type near the back of Olin Business magazine’s 2017 edition announced Nate Maslak’s new venture, HealthWiz, “which helps lower healthcare costs for employers and payers by helping consumers navigate their healthcare costs and access high-quality, cost-efficient care.”
Three years and one brand change later, Maslak, BSBA ’11, and the company he runs—Ribbon Health—landed a $10.25 million round of Series A funding led by well-known venture capital firm Andreessen Horowitz. The infusion marks the first investment from Andreessen’s new $750 million healthcare fund.
“Nate was a rock star entrepreneurship student as an undergrad at Olin,” said former Olin entrepreneurship professor Cliff Holekamp in an email about the investment. “His success is no surprise.”
The company had nailed down two earlier seed funding rounds, according to the Crunchbase startup directory. Details on those early rounds were not available. The Series A round led by Andreessen closed on February 27, 2020.
A story about the funding round on TechCrunch explained that Ribbon Health “is trying to create an accurate database of what doctors and health plans have, which specializations offer their services to which insurance providers, and produce the best outcomes for patients.”
Nine individuals or firms participated in the Series A investment for Ribbon Health, including Y Combinator and New York-based early-stage investment fund BoxGroup, according to Crunch Base.
“This funding will help us bring our healthcare data platform to more payers, providers, and other healthcare stakeholders, allowing them to break through the information barriers in healthcare,” Maslak, CEO and cofounder, wrote in a blog post on the Ribbon Health website.