Kareo, an Irvine, CA-based provider of cloud-based solutions for independent medical practices, closed $55.4m in funding.
The round was led by Montreux Equity Partners with participation from Silver Lake Partners and existing investors. In conjunction with the investment, Montreux Principal, Michael Matly, MD, will join the Kareo Board of Directors.
The company intends to use the funds for the continued development of its product line—which enables physicians to manage all major aspects of their practice.
Led by Dan Rodrigues, founder and CEO, Kareo provides a cloud-based, medical office management platform for independent practices. It offers practice management software, medical billing solution, practice marketing tools and fully certified EHR. In March, the company announced its acquisition of DoctorBase, a developer of medical practice marketing and patient engagement solutions.
Montreux joined institutional investors including OpenView Venture Partners, Greenspring Associates, Stripes Group, Silicon Valley Bank and Western Technology Investments.