Total amount raised
$99.8 Millions
Latest funding date
2/1/2025
Location
Candid Health has successfully raised funds through a Series C round, attracting notable investors such as Oak HC/FT and Y Combinator.
Keep reading to explore the intricacies of Candid Health's fundraising journey and the investors backing this innovative platform.
What Is Candid Health?
Candid Health, founded in July 2019, is based in San Francisco, California. The company was established by Adam Reis, Doug Proctor, and Nick Perry.
Specializing in healthcare revenue cycle management, Candid Health leverages machine learning and artificial intelligence to streamline medical billing, coding, and claims processing. Their platform aims to reduce administrative burdens and increase efficiency for healthcare providers.
With a team of 11-50 employees, Candid Health continues to innovate in the healthcare sector, providing solutions that optimize the entire revenue cycle and ensure faster service reimbursement.
How Much Funding Has Candid Health Raised?
- Seed Round
- Amount Raised: $2.3M
- Date: March 2020
- Lead Investors: 8VC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial platform and validate the business model.
- Series A
- Amount Raised: $16M
- Date: April 2022
- Lead Investors: First Round Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and expand the customer base.
- Series B
- Amount Raised: $29M
- Date: September 2024
- Lead Investors: 8VC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance platform features and increase market penetration.
- Series C
- Amount Raised: $52.5M
- Date: February 2025
- Lead Investors: Oak HC/FT
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and enhance GenAI features.
Total Amount Raised: $99.8M. Current Valuation: Not publicly disclosed.
Key Investors
- Oak HC/FT
- Details: Oak HC/FT is a venture and growth equity firm specializing in fintech and healthcare investments. Founded in 2014, it has invested in over 85 portfolio companies and manages over $5.3 billion in assets.
- Investment Focus Areas: Fintech, healthcare.
- Notable Investments: Not publicly disclosed.
- 8VC
- Details: 8VC is a venture capital firm that invests in various sectors, including healthcare and technology. They focus on building transformative companies that create long-term value.
- Investment Focus Areas: Healthcare, technology, logistics.
- Notable Investments: Not publicly disclosed.
- First Round Capital
- Details: First Round Capital is an early-stage venture capital firm that focuses on seed-stage investments. They have a strong track record of supporting startups from their earliest stages.
- Investment Focus Areas: Seed-stage investments, technology, consumer products.
- Notable Investments: Uber, Square, Warby Parker.
- Y Combinator
- Details: Y Combinator is a startup accelerator that provides seed funding and support to early-stage companies. They have helped launch over 2,000 companies since their inception.
- Investment Focus Areas: Early-stage startups, technology, healthcare.
- Notable Investments: Airbnb, Dropbox, Reddit.
- BoxGroup
- Details: BoxGroup is an early-stage investment fund that focuses on seed and pre-seed investments. They aim to support founders at the earliest stages of their entrepreneurial journey.
- Investment Focus Areas: Seed and pre-seed investments, technology, consumer products.
- Notable Investments: Not publicly disclosed.
What's Next for Candid Health?
With the recent $52.5 million Series C funding, Candid Health is poised to capitalize on the growing demand for automated revenue cycle management in healthcare. The company plans to enhance its GenAI features and expand its platform to more providers, addressing inefficiencies and reducing administrative costs. This expansion presents a significant opportunity, given that healthcare providers spend over $100 billion annually on revenue cycle management.
Future fundraising opportunities seem promising as Candid Health continues to scale its operations and technology. The company's strong growth trajectory and substantial market presence make it an attractive candidate for additional investment rounds. However, challenges such as competition, regulatory compliance, and maintaining the scalability and reliability of their platform could pose hurdles along the way.
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