Adams Street Partners backs CareCloud with $9m


chicago 3_sqChicago-headquartered firm Adams Street Partners has invested $9m in cloud-based medical practice management provider CareCloud as part of its Series B round, which has now been closed on $29m.

In June CareCloud raised $20m in Series B capital led by Tenaya Capital with participation from existing backers Intel Capital and Norwest Venture Partners.

The latest round has brought the company’s fundraising total to $55m.

CareCloud posted its 14th consecutive quarter of growth in the second quarter this year. Its cloud-based platform currently supports 3,500 providers in 46 US states and manages more than $2bn in annualised accounts.

Adams Street partner Jeffrey Diehl said, “We were excited to have the opportunity to invest in CareCloud given the significant interest the company generated during this funding round.

“We feel CareCloud represents a major disruptive force in healthcare. Their innovative technology is allowing them to address the needs of small independent physicians to large enterprise care delivery organizations as they look to automate their operations and adhere to new industry dynamics.”

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