Kareo secures USD29.5m in growth capital

Kareo, a provider of cloud-based medical office software and services for small medical practices, has secured USD29.5m in growth capital.

This latest financing was led by Greenspring Associates and joined by OpenView Ventures and Silicon Valley Bank.
The 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," says 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," says 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."

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