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Greenspring helps software startup Kareo raise $29.5m

21 Jan 2014

computer code softwareCloud-based medical office software provider Kareo has raised $29.5m in a round led by venture capital firm Greenspring Associates.

OpenView Ventures and Silicon Valley Bank also participated in the round, which Kareo said will help it scale its revenue cycle management operations as well as further enhance its cloud-based software platform.

Kareo’s revenue cycle management software currently manages billing for more than 1,000 providers, the company said in a statement.

Greenspring partner Jim Lim said, “It’s been exciting to watch the impact that Kareo has had on small practices, including the recent launch of Kareo EHR and Billing Services.

“Given the company’s track record of rapid growth and market leadership, we jumped at the opportunity to deepen our partnership with Dan and his management team.”

Earlier this month, Greenspring backed a massive $101m Series D round raised by datacenter infrastructure company Nutanix.

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