Medallion, a San Francisco, CA-based provider management platform, raised $35m in Series C funding, raising its total funding to $85M.
The round was co-led by Spark Capital and new investor GV (formerly Google Ventures) with participation from new investor Salesforce Ventures and existing investors, including Sequoia Capital, Optum Ventures, BoxGroup, and Elad Gil.
The company intends to use the funds to accelerate product development, expand its go-to-market organization, and deepen strategic partnerships across the platform.
This investment comes on the heels of exceptional growth in the six months following its Series B round, including nearly doubling its employee count to 150, growing its revenue by 2x, and diversifying its customer base by doubling the number of health plans, providers and health systems.
Led by Derek Lo, founder and CEO, Medallion empowers healthcare organizations of all sizes from small virtual care companies to large insurance payors and health systems to simplify, automate, and expedite their provider licensing and credentialing workflows. The solution enables healthcare companies to fully offload their clinician operations—state license management, payor enrollment, credentialing, and more—in a single management system. It’s estimated that the platform has saved over 250,000 hours of administrative work for leading healthcare organizations like Carbon Health, hims, Tia, Headspace Health, Oak Street Health, and hundreds more.
This funding comes six months after Medallion’s Series B and twelve months after its Series A. In addition to doubling its employees, growing its revenue by 2x, and diversifying its customer base, the company has expanded its leadership team with key hires, including Eric Johnston as Head of Finance, Christine Chiu as Head of Operations, Lauren Mitri as Vice President of Marketing, and Adrianna De Battista as Head of Talent.