MYOB chief Tim Reed has joined the board of digital health platform Healthshare, which has announced the successful closing of its capital raising, although the amount is undisclosed.
Healthshare, founded in 2010, describes itself as Australia’s leading digital health platform. It connects users with local and credible health practitioners, products and health information.
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Almost one million Australians have used Healthshare to ask questions and receive personalised information from health experts, follow health topics that are of interest, and book appointments with health practitioners.
It has partnered with more than 70 health consumer organisations, including the Heart Foundation, Diabetes Australia and beyondblue.
Healthshare attracted investment from Reed and business executive Paul Mirabelle. But the numbers are known.
“It has not been disclosed. It is a sufficient amount for us to expand our business… When we went to the market, we knew the dollar amount we wanted and we achieved it,” co-founder Daryl Jackson told StartupSmart.
Jackson says Reed made a personal investment in Healthshare, confirming the funds were not put up in Reed’s capacity as chief executive of MYOB.
The company also announced the appointment of Reed and Mirabelle to the board as non-executive directors.
“We did quite a bit of soul-searching in terms of what kind of people to bring into the company,” Jackson says.
“When push came to shove, the type of people we wanted to bring to the business would be able to assist us at a board level. We wanted them to come onto our board as well.
“Tim has a lot of experience, via MYOB, with selling to small and medium enterprises… With Paul, a lot of his experience is in growing companies very substantially from a very small base.”
Reed, who has been with MYOB for 10 years, previously lived in Silicon Valley, where he worked for a number of companies in the global technology and internet markets.
Reed joined MYOB – Australia’s largest business management software provider – in 2003 before being appointed chief executive in 2008.
He is also a part-owner and board member of Executive Health Management.
Mirabelle, meanwhile, has experience across both private and public companies, specialising in strategy, international growth, mergers and acquisitions, and private equity-backed ventures.
The last decade has been focused on healthcare organisations. Previously, Mirabelle spent 12 years as a partner at Boston Consulting Group, and practiced law in Canada.
According to Healthshare co-founder Gavin Solsky, 2012 was a landmark year for the company, and input from Mirabelle and Reed will help ensure 2013 is equally successful.
“Paul Mirabelle and Tim Reed are highly experienced entrepreneurs and executives in the healthcare and technology sectors, with outstanding track records,” Solsky said in a statement.
“We are delighted to welcome them to our board and as shareholders of the company.
“With their support and the ongoing efforts of our management team, we will continue to build the leading Australian digital health platform for the benefit of all of our stakeholders.”