Kareo the “Doctor’s Cloud” Secures $29.5 Million in Growth Capital
With over $2.5 billion under its management and a portfolio of over 60 companies, Greenspring Associates has led a $29.5 million round into Kareo, the doctor’s cloud-based platform.
OpenView Ventures and Silicon Valley Bank also participated in the round.
“It’s been exciting to watch the impact that Kareo has had on small practices, including the recent launch of Kareo EHR and Billing Services,” said Jim Lim, partner at Greenspring Associates. “Given the company’s track record of rapid growth and market leadership, we jumped at the opportunity to deepen our partnership with Dan and his management team.”
Over $6 billion in medical billing
The funding follows other recent news that the Kareo Practice Management software, with over 20,000 providers, processed over $6 billion in medical billing in 2013 and that its free electronic health record solution EHR achieved more than 5,000 sign-ups in less than 10 months.
The firm will use the funds to stir its sales and marketing arms in a bid to accelerate growth, enhance its software platform, and up its revenue cycle management operations.
Funds to accelerate growth
Dan Rodrigues, CEO and founder of Kareo said, “This additional funding further validates our vision that Kareo’s cloud-based solutions can unleash the power of healthcare providers to deliver exceptional patient care while building thriving practices.”
Kareo helps doctors move their records in the cloud with its suite of products and services. Some of its packages include Kareo Practice Management software, Billing Services, and the EHR which has helped over 20,000 medical providers to date.
This latest funding round puts the total to 70 million thatKareo has raised to date in a move to help doctors save time with paper work and focus on attending to their clients.
