Hopewell Ventures Portfolio Company Acquired by Revolution Health.
CHICAGO -- Hopewell Ventures, a $110 million Midwest-focused venture capital fund, today reported that the sale of its portfolio company, Chicago-based TLContact, to Steve Case's new venture, Revolution Health Group, has closed. Terms were not disclosed.
The sale is the first liquidity event for Hopewell, a three-year-old fund founded with a mission to invest primarily in Midwest-based companies. TLContact, creator of the popular health care information service CarePages.com, was among Hopewell's first investments. Working with Hopewell's partners, CarePages has grown to become the dominant online healthcare support community. The site averages more than a quarter million unique visitors every month and ranks among the top 2% of all websites in terms of traffic.
CarePages are free, private web pages that help patients communicate health information with and get support from family and friends. More than 500 healthcare facilities across the United States and Canada currently offer their own customized versions of CarePages, including the Mayo Clinic, The Johns Hopkins Hospital and Health System, Massachusetts General Hospital, The Children's Hospital of Philadelphia and the Catholic Healthcare West hospital system.
"The reach and penetration of CarePages made it a natural fit for Revolution Health," said Thomas Parkinson, Hopewell Ventures Partner. "We saw its potential three years ago and are proud to have helped provide the resources TLContact needed to succeed on a national level. We're very pleased that the CarePages service has developed such a large and loyal following that Steve Case has chosen to make it a central part of Revolution's consumer-focused healthcare portal."
"Hopewell's commitment to helping us realize our vision was indispensable," said TLContact founder and CEO Eric Langshur. "Operating from our humble office on Lincoln Avenue, it was hard to attract the attention of coastal venture capitalists for something that hadn't been done before. Hopewell's partners understood our mission and its potential."
Hopewell's own mission as a regionally focused fund led to a recent investment in Lansing, Ill-based National Pasteurized Eggs (NPE), which holds the only commercially-available, FDA-approved process for pasteurizing eggs in the shell. In addition to NPE (www.safeeggs.com), Hopewell's portfolio includes: Pioneer Surgical Technology (www.pioneersurgical.com), of Marquette, Mich.; Minneapolis-based Diversified Graphics, Inc. (www.dgi.net); SageQuest (www.sagequest.com), of Beachwood, Ohio; and Illinois-based companies including iTracs (www.itracs.com), InStadium (www.instadium.com) and CSMG (www.csmgsports.com).
"The successful development and sale of TLContact is an excellent example of what Hopewell Ventures set out to do," said William P. Sutter, Jr., Managing Partner. "While many venture capitalists often overlook opportunities in what they characterize as 'flyover country,' we believe we can find great companies like TLContact that simply need a strong venture partner to help them succeed."
For more information on Hopewell or its portfolio companies, please visit www.hopewellventures.com or call Tom Parkinson at 312.357.9600.
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|Date:||May 7, 2007|
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