PayGround, which helps ease bill payments for healthcare, has closed its seed round on $4m, as it looks to continue its growth. Â
Triventures, a venture capital firm focused on data-driven health startups. Contributions also came from SixThirty.
Proceeds from the round will be used to continue with its technology roadmap and grow its brand through its sales and marketing initiatives.
The company was co-founded by Drew Mercer after going through two significant health events. Mercer was diagnosed with testicular cancer and, just a few weeks later, his wife gave birth to their third child.
PayGround CEO and co-founder Drew Mercer said, “The amount of paper statements we were receiving in the mail on a daily basis was astronomical. On top of the emotional capital of two events; my cancer journey, and welcoming home a new baby, we were required to mail checks, make payments over the phone, and log into multiple patient portals to keep our accounts current.
“We founded PayGround to simplify how patients pay their healthcare bills and solve those types of unnecessary problems.â€
The US-based FinTech enables patients to submit payments to their healthcare providers in a centralised solution that lets them manage and pay all medical bills.
The capital injection comes after a strong year of growth, which saw its revenue increase by an average of 23%.
SixThirty principal Joel Brightfield said, “Healthcare payments are fraught with friction, from lack of price transparency to lack of convenience in billing and payments.
“As anyone who has been to the doctor knows, patients spend copious amounts of time understanding and making payments, and providers spend a disproportionate amount of time managing revenue cycles and collections.
“These frictions equate to less time spent preventing and treating disease, needlessly wasting a precious resource in healthcare—time. Drew and the rest of the team at PayGround have felt this pain first-hand and have built a much needed solution.â€
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