Kareo Closes $10M Equity Funding

Kareo, an Irvine, CA- and Indianapolis-based provider of cloud practice management and medical billing software to physicians and medical billing companies, closed a $10m equity funding.

The round was led by Greenspring Associates, with participation from OpenView Venture Partners, which invested $9.5m in 2010 (read here), Western Technology Investment (WTI) and angel investor Travis Kalanick.

The company intends to use the funds to expand to expand sales, marketing, support, and product teams, enhance its offering, and support its channel partnerships. Kareo plans to increase its staff from 71 to more than 100 employees by the end of 2011 at its Irvine and Indianapolis offices.

Led by founder and CEO Dan Rodrigues, the company delivers subscription-based software over the Internet that helps physicians in small practices manage their business and get paid by insurance companies and patients. The service allows medical professionals to 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 leading electronic health record (EHR) solutions, etc.



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