Kareo Reports Investment Led by Greenspring Associates
Kareo, a provider of cloud-based practice management and medical billing software for physicians, announced the closing of a $10 million equity investment led by Greenspring Associates with participation from OpenView Venture Partners, Western Technology Investment and angel investor Travis Kalanick.
According to a release, Kareo will use the new capital to aggressively expand its sales and marketing initiatives targeting small physician practices, enhance its product offering, and support its channel partnerships.
“Kareo is at the forefront of helping physicians transition from clunky and expensive legacy software to friendly and affordable cloud-based solutions,” said Dan Rodrigues, founder and CEO of Kareo.
“We’re excited to use this new investment to capitalize on our growth and help even more physicians discover that Kareo offers them a better way to manage their practice and get paid.” “We’re very excited to invest in Dan and the Kareo team,” said Jim Lim, Partner at Greenspring Associates. “Kareo is achieving impressive revenue growth and offers a solution that hits the sweet spot for small practices. Physicians need simple, elegant solutions that will help them get paid more, reduce administrative costs, and adapt to industry changes in the years ahead, including 5010, ICD-10, increased patient responsibility, and new insurance payment models. We believe Kareo is well positioned to benefit from these changes and capture a significant share of the small practice segment.” Kareo delivers subscription-based software over the Internet. The service lets medical professionals schedule appointments, verify insurance eligibility, send electronic claims and receive insurance payments, bill patients and collect payments online, manage accounts receivables, store documents, generate reports, integrate with electronic health record solutions.
Kareo is a provider of cloud-based practice management and medical billing software.
Greenspring Associates manages five venture capital funds-of-funds.