Cedar, a NYC-based patient engagement and financial technology company, closed more than $102M in Series C funding.
The round, which brings Cedar’s total capital raise to $157M to date, was led by Andreessen Horowitz, with participation from Kaiser Permanente and individual angel investors including Jerod Mayo, linebacker coach for the New England Patriots and Jeff Vacirca, MD, FACP and CEO of New York Cancer & Blood Specialists, as well as current investors including Kinnevik, Thrive Capital, Lakestar and Founders Fund. Andreessen Horowitz Managing Partner Scott Kupor will join Cedar’s board of directors. The deal includes $77M in venture capital and $25M from JP Morgan in venture debt.
The company intends to use the funds to expand its reach and accelerate product innovation.
Led by Florian Otto, CEO and co-founder, Cedar is a healthcare financial engagement platform for hospitals, health systems and medical groups that clarifies and simplifies the financial experience for patients, improving bill resolution and payment outcomes for providers. The company also announced it has partnered with Novant Health, a North Carolina-based healthcare system, to deliver an innovative, personalized financial experience for Novant Health patients. The two companies expect to roll-out the new engagement and billing platform before the end of 2020.