This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Kareo Secures $29.5 Million In Growth Capital

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.

About Kareo Kareo is the only cloud-based medical office software and services platform dedicated to small practices. At Kareo, we believe that, with the right tools and support, small practices can do big things. We offer an integrated suite of products and services designed to help physicians get paid faster, run their business smarter, and provide better care. Our Practice Management software, Billing Services, and free, full-featured award-winning EHR help more than 20,000 medical providers more efficiently manage the business and clinical sides of their practice. Headquartered in Irvine, California, Kareo's mission is to help providers spend their time focused on patients, not paperwork. For more information, visit www.kareo.com.

About Greenspring Associates Established in 2000 as a global venture capital firm, Greenspring Associates currently manages both a dedicated later stage direct investment platform as well as a globally diversified fund-of-funds platform with $2.5 billion under management. Since inception, the Firm has invested in over 60 portfolio companies alongside of its leading venture capital and growth equity managers both in the United States and Europe. Through the Firm's value-added investment approach, it primarily invests across the information technology and communications stack as well as in the healthcare vertical. For further information, visit the Greenspring Associates website at www.greenspringassociates.com.

About OpenView Venture Partners OpenView Venture Partners is an expansion-stage venture capital fund based in Boston that is focused on high-growth software, Internet and technology-enabled companies. Through its staff of seasoned operating executives, who collectively bring several decades of technology and management experience to the firm, OpenView is able to help portfolio companies quickly go to market and optimize their product, organization and operational functions. Founded in 2006, the firm invests globally and has approximately $440 million in total capital under management. For more information, visit www.openviewpartners.com.

About Silicon Valley Bank Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 27 U.S. offices and six international operations. (Nasdaq: SIVB) www.svb.com.

Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.

Media Contact: Lynn Blenkhorn Feinstein Kean Healthcare P 508-851-0930  Lynn.blenkhorn@fkhealth.com



1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,086.63 -26.91 -0.16%
S&P 500 1,987.01 +3.48 0.18%
NASDAQ 4,473.6970 +17.6810 0.40%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs