HighRoads Gains Speed With $9M Series C

VENTUREWIRE
The Journal of New England Technology June 26, 2007

Woburn, Mass. -- Health benefits software and services provider HighRoads Inc. said it has raised $9 million in Series C financing.

New investor ABS Ventures led the Series C round, which also included existing investors Kodiak Capital, Egan-Managed Capital and AH Ventures.

"We anticipate this will be our last round as a privately held company," HighRoads President and Chief Operating Officer Michael Byers said of the Series C, which was an up round. The company is not currently looking at exit strategies, he said.

Woburn, Mass.-based HighRoads, which was founded in 1999, provides technology packages to human resource departments for large companies. HighRoads currently has eight different product offerings, including products to allow companies to compare benefits and year over year health care costs, communicate with suppliers, renew existing plans, and manage employee documents.

HighRoads plans to put the funding to use to expand its current product portfolio to include features to control health care spending and to compare services to other providers. The company will also increase its marketing with the Series C funds.

HighRoads currently serves about 100 Fortune 500 companies, Byers said. Some of HighRoads customers include Honeywell International Inc., IBM Corp., Kraft Foods Inc., Owens Corning Corp., Pitney Bowes Inc. and Staples Inc.

Founded in 1999, HighRoads previously raised about $24.3 million to date, according to VentureWire records, through existing Series C investors and RBC Capital Partners.

With the Series C round, HighRoads has added ABS Ventures Managing Partner Bill Burgess to its board.