Cedar, a FinTech helping to simplify the financial experience for patients, has netted $102m in its Series C round, which was led by Andreessen Horowitz.
The deal was comprised of $77m in venture capital and $25m in venture debt, which was supplied by JP Morgan.
Other contributions to the funding round came from Kaiser Permanente, Kinnevik, Thrive Capital, Lakestar and Founders Fund.
A number of angel investors also participated, including Jerod Mayo, linebacker coach for the New England Patriots and Jeff Vacirca, MD, FACP and CEO of New York Cancer & Blood Specialists
In addition to the close of the round, the company has partnered with healthcare system Novant Health and will provide the patients with a personalised financial experience. The companies are hoping to roll-out their new engagement and billing platform by the end of the year.
With the close of the round, the company will look to expand its reach and accelerate product innovation and expansion.
Cedar is a healthcare financial engagement platform for hospitals, health systems and medical groups that simplifies the bill resolution and payments for patients. The platform sends patients personalised messages to remind them to pay bills.
As part of the deal, Andreessen Horowitz managing partner Scott Kupor will join the Cedar board of directors.
Cedar CEO and co-founder Florian Otto said, “The COVID-19 pandemic has put a spotlight on many of the inefficiencies and archaic processes across our current healthcare system which has, in turn, driven an increase in the adoption of platforms like Cedar’s among healthcare providers.
“Through this round of funding and our new partnership with Novant Health, Cedar’s patient engagement and payment technology platform will be able to offer an improved experience for more patients with simplified and personalized digital engagement strategies and payment support options. We’re very pleased with this strong show of support from our investors and partners, and look forward to further enhancing our platform for patients and providers.”
The FinTech closed its Series B round back in 2018 on $36m, with investments from Kinnevik, Founders fund and Thrive Capital.
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