Maveron LLC, a Seattle-based venture capital firm focused on helping exceptional entrepreneurs build great consumer businesses, announced the asset acquisition of portfolio company Kinetix Living Corp. by Regence BlueShield of Washington. Terms of the transaction were not disclosed.
“We believe this acquisition will strengthen our ability to engage and empower consumers to improve their overall health.”
Kinetix, a Seattle-based company that helps people get and stay in the best shape of their lives, provides customized health and nutrition programs to corporate clients and individuals across the country. Kinetix has built a compelling, scalable and integrated business based on three pillars: fitness, nutrition and a supportive online community that promotes wellness at work and at home.
For more than a year before the acquisition, Regence offered Kinetix to its own employees and the results were outstanding. “Kinetix is a company with a unique vision for advancing the health and wellness of our employees, members and communities,” said Mark Ganz, President and CEO of Regence. “We believe this acquisition will strengthen our ability to engage and empower consumers to improve their overall health.”
“We are gratified by this successful exit for Kinetix," said Clayton Lewis, Maveron partner. “It has been exciting to see Kinetix’s highly effective wellness program gain traction in corporate workplaces throughout the country. We are passionate about our investments in the health and wellness sector and enthusiastic about the innovation and future investment opportunities we see in the space.”
Maveron is actively focused on the $200 billion health and wellness sector and is currently an investor in NextFoods, the maker of GoodBelly, a line of probiotic fruit drinks. Maveron’s investments in the health and wellness sector are led by Mr. Lewis, an experienced operating executive, triathlete and long-standing public health advocate.
“With the help of Clayton and support of the entire Maveron team over the last five years, Kinetix has transformed how corporate wellness can be part of the solution to the nation’s health care issues,” said Kinetix CEO, Steve Schickler. “With Regence, we see true alignment in our preventative approach to health care that helps employees and individuals take control of their health and well being.”
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