IRVINE, Calif., Jan. 21, 2014 /PRNewswire/ -- Kareo Inc., the leading provider of cloud-based medical office software and services for small medical practices, today announced it has secured $29.5 million in growth capital. This latest financing was led by Greenspring Associates and joined by OpenView Ventures and Silicon Valley Bank. This new capital will be used to invest in sales and marketing to accelerate growth, further enhance the company's cloud-based software platform, and scale its revenue cycle management operations.
"We are thrilled to continue our successful partnership with investors Greenspring Associates and OpenView Ventures and welcome the new investment by Silicon Valley Bank," said Dan Rodrigues, CEO and founder of Kareo. "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."
"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."
Kareo's latest funding follows a year of significant milestones and recognition within the healthcare technology industry, including:
- The continued rapid growth of Kareo Practice Management, the company's solution that serves more than 20,000 providers who processed over $6 billion in medical billing through Kareo's platform last year.
- The launch of Kareo EHR, the company's free electronic health record solution that generated more than 5,000 sign-ups in less than ten months.
- The introduction of Kareo's technology-enabled revenue cycle management solution, Kareo Billing Services, which already manages billing for more than 1,000 providers across 46 specialties nationwide.
- The successful acquisition and integration of Ecco Health, Kareo's first acquisition, enabling the company to expand its services while deepening its revenue cycle management expertise across a wide range of specialties.
- Extensive industry recognition, including the Deloitte Technology Fast 500, Inc. 500/5000, Forbes Top 100 Most Promising Companies, and Black Book #1 Integrated EHR, Practice Management and Billing Vendor.
- Expansion of Kareo's management team with the hiring of Tom Giannulli, MD as its Chief Medical Information Officer, Rob Pickell as its Chief Marketing Officer, Amyra Rand as its Vice President of Sales, David Mitzenmacher as its Vice President of Customer Success, and Nitin Somalwar as its Vice President of Engineering.
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