Milwaukee-based health care startup Access HealthNet Holdings Inc. is working to raise a $1.65 million debt round, according to a new SEC filing.
The company launched the “A2” round on Dec. 9, and has so far raised $1 million from 12 investors, according to the filing.
Eric Haberichter, co-founder and chief executive officer of Access HealthNet, said the company has been fundraising consistently to fuel its growth, and this round is an extension of the $2.38 million equity round Access raised in October.
“We’re raising money now to expand our provider panel and stabilize operations and growth,” for the first half of 2019, Haberichter said.
Access HealthNet coordinates between payers and providers to bundle health care services and offer each for a predetermined flat fee. It’s an increasingly popular solution in an age of escalating health care costs and complex reimbursement structures.
The startup grew quickly in recent years. In 2016 moved into a 14,000-square-foot space at 105 W. Michigan St. in downtown Milwaukee and began expanding employment. As of December 2017, Access HealthNet had 40 employees, but it has now reduced that number to 15.
According to SEC filings, Access has raised a total of $4.7 million in three previous equity rounds. Local investors have included John Torinus and Tom Schuster of Wisconsin Super Angel Fund, as well as Howard Frankenthal, president of Mequon-based food distributor Frankenthal International Ltd. The three are again listed on this SEC filing.
