BOULDER – Colorado digital health company Orderly Health was accepted into the 2016 cohort of Techstars’ Boulder-based accelerator today. The announcement was made public in a press release that appeared this morning on the Techstars website.
Founded in 2015, Orderly Health is currently developing a mobile and web-based platform to help consumers manage their healthcare expenses. After being linked to a user’s account, the platform will analyze their spending data and offer personalized insights and advice.
With the market for healthcare analytics expected to top 20 billion dollars by 2020, Orderly is positioning itself to take a share of this market’s consumer-facing segment. The startup’s acceptance into the accelerator could be viewed as a vote of confidence in their approach on the part of Techstars.
What’s certain is that admission into Techstars’ Boulder program will give Orderly Health a variety of competitive advantages.
“Being involved in startups for the last 8 years of my life, I know how critical leadership in a company can be,” admitted Kevin Krauth, the CEO of Orderly Health and a former Silicon Valley product manager.
“Techstars’ network of mentors and investors will provide us with unparalleled access to the resources we need to achieve the vision we have and have had for Orderly from the beginning. We started Orderly with the goal of transforming healthcare for consumers. We believe TechStars will help put that goal in reach.”
Startups accepted into the Techstars accelerator receive $20,000 in exchange for 6% of their common stock. In addition to this investment, Techstars provides startups with office space during their ninety-day accelerator program, along with mentorship and access to the organization’s global network.
According to the Techstars website, almost ninety percent of the startups that have gone through its accelerator are either still in operation or have been acquired. The site also lists the average funding received by the almost 700 companies that have graduated from Techstars at 3.14 million dollars.
Orderly Health’s Techstars acceptance comes on the heels of its first major revenue generating deal. In a recent partnership, Boulder Valley School District agreed to pilot the Orderly Health platform and will begin providing the startup’s services to its 3,000 employees this spring.