BIP Capital, one of the most active early-stage investors in the Southeast, has announced the opening of a second office in Greenville, South Carolina. The Atlanta-based VC firm has also made an investment in the city’s ecosystem, leading the Series A round of healthtech company ChartSpan.
Greenville’s ChartSpan is the largest healthcare managed service provider for chronic care management programs in the U.S. They offer a secure desktop app, free for patients of participating healthcare providers, which allows users to input, organize, request and send health records, prescriptions, over-the-counter medications, and lab results.
The platform provides chronic care patients with a 24/7 nurse line, help with care coordination between different providers, and the ability to track specific health goals. Providers gain the benefit of higher patient engagement and better treatment adherence.
“We’ve been searching for something in the chronic care management space for three years,” BIP Capital CEO Mark Buffington tells Hypepotamus.
“ChartSpan was the first company we found that we think has built a truly replicable, scalable business model, especially for the call center space,” he says.
BIP Capital is coming in as lead investor for ChartSpan’s $15 million Series A, which also included Blue Heron Capital, Bailey Southwell & Co., C&B Capital, and Service Provider Capital.
Previously, ChartSpan raised a total of $30 million, including a sizable seed round in 2017. A ChartSpan representative says they selected BIP Capital as their investment partner due to their “deep healthcare experience and network.”
“As we begin to expand our presence outside the Southeastern United States, we know we need partners who can help us scale on a national level and move into the large, enterprise healthcare marketplace,” said ChartSpan CEO Jon-Michial Carter in a statement.
The seven-year-old company currently has 200 employees and projects to more than double with 200-300 more over the next three years.
Working closely with ChartSpan will be easier for BIP Capital with the opening of a new downtown Greenville office. They plan to seek additional investments in the area and have partnered with NEXT, a local entrepreneur support organization supported by the Greenville Chamber.
“ChartSpan represents what we hope will be many more investments in the Upstate area as well as the beginning of strong relationships with angel investors, entrepreneurs, and operations in the startup ecosystem,” says Buffington.
Members of the BIP Capital team will spend time in Greenville on a rotating basis, in addition to continuing to invest time in other growing second-tier startup cities in the Southeast, Midwest and Mid-Atlantic regions.
“There’s such a need for capital that cities, in this case Greenville, have been inviting us in,” says Buffington.
BIP Capital focuses on early- and growth-stage startups in the healthcare technology and B2B SaaS industries. CB Insights has named them Georgia’s most active VC for three years in a row.