Health entrepreneur and BRW Young Rich list member Sam Price is looking to raise around $5 million for his rapidly growing health tech business that tackles Australia's escalating diabetes epidemic, Street Talk can reveal.
Sydney-based Hit 100 was launched as a service that provides home delivery of tailormade meals for diabetics. It offers a web-based 100 point food tracking system catering for sufferers of Type 1 and 2 diabetes as well as gestational and pre-diabetes.
The owners, who also include private equity veterans Rishabh Mehrotra and Andy Gray, have evolved Hit 100 into a broader health management business that focuses on other chronic conditions within the aged care and disabilities sectors.
The introduction of the Federal Government's National Disability Insurance Scheme and Australia's ageing population has turbo-charged Hit 100's growth, sources said.
A talking point in this funding round is the fact Hit 100 is a B Corporation; this certification is given to companies with an social or environmental bent, providing they meet a set of conditions.
Proceeds raised will be put towards scaling the business up. It is understood the trio are considering several options for further growth capital, including an ASX listing.
Prince was 10th on the BRW Young Rich list in 2016. He made his estimated $294 million from Mexican fast food chain Zambrero and genetics testing company Life Letters and has a medicine degree.
Meanwhile, Gray and Mehrotra are former partners at Australian private equity firm Archer Capital.
Gray cut his teeth in private equity at Silicon Valley's Francisco Partners which specialised in technology-related buyouts and had $US5 billion in capital under management.
Together with Mehrotra, Gray co-founded Abilizer Solutions, a software firm in San Francisco which was sold to BEA/Oracle in 2002.
Hit 100 was co-founded by Mehrotra (who also serves as chair) and chief executive Karn Ghosh.
