CareCloud, the Miami-based fast-growing provider of cloud-based practice management, electronic health records (EHR), and medical billing software and services, today announced it has secured an additional $9 million from Adams Street Partners as part of the Company’s Series B financing round.
In June, CareCloud announced it had secured $20 million in Series B funding, led by Tenaya Capital and included existing investors Intel Capital and Norwest Venture Partners. This additional funding was the result of continued interest from investors to participate in CareCloud’s latest round, which is now closed at $29 million, and brings CareCloud’s total funding to $55 million, the company said in a news release.
Adams Street Partners is one of the world’s largest managers of private equity for institutional investors and currently manages over $25 billion of committed capital for institutional investors. “We are very excited to have Adams Street Partners invest in CareCloud as part of our Series B funding raise, which received tremendous interest from the investment community. This oversubscription of this round only further validates our business model and opportunity,” said CareCloud founder and CEO Albert Santalo in the news release, adding that the funding will be used to ramp up investments in R&D.
During this quarter, CareCloud also signed a record 150 new medical groups to its cloud-based platform with more than half selecting the Company’s integrated EHR and practice management solution.
The company’s cloud-based platform currently supports 3,500 providers in 46 states and manages more than $2 billion in annualized accounts receivables on behalf of its clients.