The investment round and the partnership are evidence of the company's successful growth strategy and underline the need to transform the U.S. healthcare system's approach to patient financial engagement
Fremont, CA: Patient engagement and financial technology company Cedar secured over USD 102 million in a Series C funding round led by venture capital firm Andreessen Horowitz. The deal includes USD 77 million in venture capital and USD 25 million from JP Morgan in venture debt. In addition to the investment round, the company announced is a partnership with Novant Health, a leading North Carolina-based healthcare system, to deliver an innovative, personalized financial experience for Novant Health patients. The investment round and the partnership are evidence of the company's successful growth strategy and underline the need to transform the U.S. healthcare system's approach to patient financial engagement.
"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," said Florian Otto, CEO, and co-founder of Cedar. "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."
The company will use the proceeds from the investment round to expand its reach and accelerate product innovation and expansion. The investment round was also participated by 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. The latest round of investment brings Cedar's total raised capital to USD 157 million. As part of the Series C funding round, Andreessen Horowitz Managing Partner Scott Kupor will join Cedar's board of directors.
"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," said Kupor. "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."