- Patient engagement and financial technology company Cedar announced it raised over $102 million in Series C
Patient engagement and financial technology company Cedar announced it raised over $102 million in Series C funding led by venture capital firm Andreessen Horowitz. This deal includes $77 million in venture capital and $25 million from JPMorgan in venture debt.
And the company also announced it has partnered with Novant Health, a leading North Carolina-based healthcare system to deliver an innovative and personalized financial experience for Novant Health patients. Both of the announcements underscore the company’s growth strategy and affirm the critical need to transform the U.S. healthcare system’s approach to patient financial engagement.
To support Cedar’s growth, the latest round of funding will be used to invest in expanding the company’s reach and to accelerate product innovation and expansion. And other participants in the fundraising round include Kaiser Permanente and individual angel investors including Jerod Mayo (linebacker coach for the New England Patriots) and Jeff Vacirca, MD, FACP and CEO of New York Cancer & Blood Specialists as well as Cedar’s current investors including Kinnevik, Thrive Capital, Lakestar and Founders Fund. Andreessen Horowitz Managing Partner Scott Kupor will join Cedar’s board of directors in connection with the funding. This round brings Cedar’s total capital raised to $157 million to date.
This past year and since the global COVID-19 pandemic, Cedar has expanded rapidly with innovative partnerships and collaborations with institutions such as Novant Health, seeking to improve patient satisfaction and financial results. Novant will roll out Cedar’s patient engagement and payment technology platform to modernize the payment experience for its patients across the network. And Novant Health’s partnership with Cedar will also advance and accelerate key innovation initiatives that extend further into pre-visit patient digital engagement.
Novant Health and Cedar expect to roll-out the new engagement and billing platform by the end of 2020.
“The COVID-19 pandemic has put a spotlight on many of the inefficiencies and archaic processes across our current healthcare system which has, in turn, driven an increase in the adoption of platforms like Cedar’s among healthcare providers. Through this round of funding and our new partnership with Novant Health, Cedar’s patient engagement and payment technology platform will be able to offer an improved experience for more patients with simplified and personalized digital engagement strategies and payment support options. We’re very pleased with this strong show of support from our investors and partners and look forward to further enhancing our platform for patients and providers.”
– Florian Otto, CEO and co-founder of Cedar
“Cedar’s leadership team brings together medical, healthcare technology and deep software expertise that puts them in a unique position to drastically transform the way patients interact with healthcare providers. We’ve been extremely impressed by the patient payment solutions they’ve built and look forward to partnering to help them deliver on their mission to allow healthcare providers to understand and engage with patients more effectively.”
– Andreessen Horowitz Managing Partner Scott Kupor
“At Novant Health, we are always looking at how we can implement new technology to create a world-class consumer experience for our patients. By selecting Cedar as an innovation partner to transform our payment process, we are committed to using technology to make health care costs and billing more understandable, personalized and convenient.”
-Geoffrey Gardner, senior vice president of operational finance and revenue cycle at Novant Health