Medxoom closes $8m in funding to deepen its product suite

Medxoom, a healthcare platform helping to streamline payments, has closed an $8m investment as it looks to deepen its product suite.

The round was led by Castellan Group, with commitments also coming from Las Olas VC and TTV Capital. A number of unnamed angel investors from the healthcare technology and venture communities.

Funds from the round will be used to expedite business growth, increase staff and expand platform capabilities.

The Medxoom is aimed at plan administrators, payers and healthcare systems to improve member engagement, care selection and payments experiences. Its platform offers an integrated payments services that streamlines payment options.

Medxoom CEO and founder Jeff Toewe said, “We’re pleased with our progress in the ecosystem; it’s great to be able to help progressive plan leaders and administrators integrate their offerings into a cohesive experience.

“Our clients want their members to receive a curated marketplace experience focused on quality and cost containment. The era of a functioning Healthcare Marketplace in the US continues to progress; we’re pleased Medxoom’s platform and payments technologies help deliver their needs.”

As part of the deal, Zelis Healthcare founder Sean Smith will join the company’s board of directors.

Smith said, “Medxoom’s solution addresses a major challenge in the US Healthcare market. By closing the loop between selecting a provider service and payment, Medxoom is driving the capabilities of a modern, shoppable market. We look forward to working with the Medxoom team to deliver on its maximum potential.”

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