Rockbridge Growth Equity, a Detroit-based private equity firm, announced an investment in digital out-of-home point of care provider CheckedUp.
The capital will help enable growth initiatives, provide for further investment in technology innovations, and expand the company’s reach in key markets. Terms of the deal were not disclosed.
“The impressive success that CheckedUp has experienced over the past several years pays testament to the quality of the platform and the organization as a whole,” says Kevin Prokop, managing partner at Rockbridge. “We’re thrilled to be invested and partnering with Richard, Mark, and the whole team as they continue to grow their technology, expand their service delivery capabilities, develop additional offerings and build a world-class organization in support of our customers.”
Founded in 2012 by ophthalmologist Dr. Richard Awdeh and Mark Awdeh, CheckedUp is a fully digital health care technology solutions company that supports treatment decisions by health care providers and patients throughout the U.S. Some services include waiting room displays and interactive digital wallboards.
In the U.S. the company’s revenues have more than doubled from 2019 to 2021. In the same period the company has grown its team and invested in its technology infrastructure.
In addition, Rockbridge’s investment will build on the momentum, enabling the management team to invest in the people and technology required to scale the business, while ensuring the ability to deliver technology solutions at the point of care and maintaining a customer centric engagement and support model.
“We are delighted to be working with the Rockbridge team. Their investment in CheckedUp is an endorsement of our team, services, and technology that we have built over the last 10 years,” says Richard Awdeh. “We believe that the rapid growth in the business over the last few years is underpinned by the acceleration of a shift to digitization in the health care arena, specifically at the point of care.”
As part of the investment, CheckedUp was represented by Covington Associates and Greenberg Traurig, while Rockbridge Growth Equity was represented by Honigman in Detroit. Senior debt financing was provided by Fifth Third Bank.
“This partnership with Rockbridge marks a turning point for the work we have been doing at CheckedUp for the better part of a decade,” says Mark Awdeh. “As our network grows and we continue to innovate, Rockbridge is the perfect partner to support our mission to become an industry leader in out-of-home point of care technology.”
Rockbridge Growth Equity was initially founded in 2007 to serve as a private equity firm affiliated with the Rock Ventures Family of Companies, which includes Rock Holdings, Inc. (the holding company for Rocket Cos.) and more than 100 other companies owned by or affiliated with Dan Gilbert, founder and chairman of Rocket Cos.