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Tenaya joined by existing CareCloud venture backers in $20m Series B round

18 Jun 2013

medical_laboratory_170sqVenture firm Tenaya Capital has led a $20m financing round for cloud-based medical practice management service CareCloud.

Existing backers Intel Capital and Norwest Venture Partners also took part in the Series B round, which took CareCloud’s total financing to $44m.

Tenaya managing partner Stewart Gollmer will join the company’s board of directors as part of the deal.

The company’s software provides medical billing, electronic health records and practice management software and services for almost 3,000 healthcare providers in 45 US states.

Gollmer said, “Technology will play an increasingly significant role in the transformation of how healthcare is delivered and paid for in this country.

“It’s clear that the current solutions are either decades old client-server technology or outdated web-based architecture.

“CareCloud and its modern platform represent a tremendous opportunity to bridge the technology gap that plagues the healthcare ecosystem.

“We are excited to invest in CareCloud and feel that the company represents a powerful combination of industry-leading vision and exemplary execution, driven by a remarkable team.”

Last November European technology investors Amadeus Capital Partners and Archimedia Investments invested £1.6m of early stage capital in web-based medical practice management business Qinec.

Qinec was selected as the cloud platform for the UK outpatient network of an unnamed blue-chip international insurer and healthcare provider, and is also in the process of signing up several other major private health insurers and healthcare providers.

The company has also secured distribution and licensing agreements outside the UK, including in the US.

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