Cedar, a NYC-based innovative patient engagement and financial technology platform, closed $200m Series D financing round.
The round, which brought the company’s valuation to $3.2 billion, was led by Tiger Global Management and existing investors Andreessen Horowitz (a16z), Thrive Capital and Concord Health Partners.
The company, which has raised more than $350m in total funding to date, intends to use the funds to invest in scaling its technology platform, to broaden its product roadmap beyond its flagship financial engagement product, to continue collaboration with its development partners and to build out more patient engagement use cases, including additional pre-visit functionality and tools that provide more pathways to affordability and actionable price transparency.
Led by Florian Otto, CEO and co-founder, Cedar is a healthcare financial engagement platform for hospitals, health systems and medical groups that aims to clarify and simplify the financial experience for patients, improving bill resolution and payment outcomes for providers.
Since launching in 2016, Cedar has experienced significant growth, now engaging with more than 300,000 patients a day. The company now partners with more than 35 healthcare providers across the United States, including Yale New Haven Health (YNHHS), Summit CityMD, Novant Health and ChristianaCare.