Loyal, a healthcare technology company focused on digital patient engagement, announced it has closed on a $33.5 million Series B financing. The funding round included support from existing investors, Concord Health Partners, and multiple strategic investors.
The funding is expected to provide resources to expand the company’s customer base and product development, support customer success, and accelerate growth.
As part of the funding, the company also revealed changes to its executive leadership team to support its strategic vision for growth and scale. Loyal Founder Chad Mallory has decided to step down from his position as Chairman and CEO, with the board’s full support, to transition into a Senior Advisor role, effective July 26.
Saurabh Sinha, Founder and Chairman of the Board of Directors of Emids Technologies, has been appointed Chairman of the Loyal Board of Directors and will help lead an effort to recruit additional expertise to Loyal and build on the success of the company. Mark Hipp has joined the Loyal Board of Directors, bringing extensive experience in advising high-growth technology enabled businesses.
Loyal’s consumer engagement platform supports health systems’ efforts to identify and create greater efficiencies by consolidating disparate technology stacks, offering access for more patients and driving more revenue to sustain and grow operations. And Loyal’s engagement platform aligns with health systems’ goals with a track record of continued revenue growth and a customer base of 38 health systems.
KEY QUOTES:
“Loyal fills a critical gap in consumer care navigation and represents a huge opportunity to improve the lives of patients and the healthcare experience for all. I’m delighted to join Loyal’s Board of Directors as Chairman and to help guide the Company’s strategic priorities as it continues to scale.”
- Saurabh Sinha, Founder and Chairman of the Board of Directors of Emids Technologies
“The combination of additional capital and the expertise of the Company’s new leadership creates continued excitement around the future of Loyal. This moment is about putting the right capital, people and plan together to build on the initial vision and achievements of Chad and the broader Loyal team. We have enjoyed working with Chad as CEO and look forward to his continued support as a Senior Advisor.”
- James Olsen, Founder and Managing Partner of Concord Health Partners
“My vision from day one at Loyal was to help patients navigate their way to better care. I couldn’t be more proud of the work we’ve done and the people that made the vision real. I’m hopeful Loyal’s next phase can help even more patients lead their healthiest lives.”
- Loyal Founder Chad Mallory
