Kareo Closes $20.5M Equity Funding

Kareo, Inc., an Irvine, CA-based provider of SaaS medical office software for small medical practices, closed a $20.5m equity funding.

The round was led by Stripes Group, with participation from existing investor Western Technology Investments.

The company intends to use the funding, which is in addition to the $18m previously raised, to launch Kareo Billing Services and expand sales and marketing efforts.

Founded in 2004 and led by Dan Rodrigues, founder and CEO, Kareo provides small medical practices with Kareo Billing Services, a technology-enabled revenue cycle management solution with front-office tools combined with a dedicated team of medical billing experts whose purpose is to help them get paid for the services they provide. In order to ensure an easier transition to Kareo Billing Services, the company has developed a Customer Success Program through which it works closely with customers to learn existing processes while establishing a plan to optimize these processes by leveraging the software and billing services team.

In conjunction with the funding, Ken Fox, managing partner of Stripes Group, joined Kareo’s Board of Directors.



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