Total amount raised
$419.4 Millions
Latest funding date
Location
Cedar has successfully completed a Series D funding round, attracting investment from notable backers such as Memorial Hermann Foundation and Andreessen Horowitz. The company offers a patient payment and engagement platform designed to simplify the healthcare billing process for hospitals, health systems, and medical groups.
Keep reading to explore the intricacies of Cedar's fundraising journey and the investors backing this innovative platform.
What Is Cedar?
Cedar, founded in 2016, is a New York-based company that enhances the financial experience in healthcare through its patient payment and engagement platform. The company was established by Arel Lidow, Florian Otto, and Kareem Zaki.
With a team of 251-500 employees, Cedar leverages advanced data science to simplify and personalize the payment process for patients. Their platform integrates seamlessly with Electronic Health Records (EHR), offering solutions like Cedar Pay for end-to-end patient payments.
By focusing on both patients and healthcare providers, Cedar aims to modernize the billing process, making it more consumer-friendly and efficient.
How Much Funding Has Cedar Raised?
- Series A
- Amount Raised: $13M
- Date: December 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch the initial version of their patient payment platform.
- Series B
- Amount Raised: $36M
- Date: June 2018
- Lead Investors: Kinnevik
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and enhance platform capabilities.
- Series C
- Amount Raised: $77M
- Date: June 2020
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and integrate advanced data science into their platform.
- Debt Financing
- Amount Raised: $25M
- Date: June 2020
- Lead Investors: JP Morgan Chase
- Valuation at Round: Not applicable
- Motivation Behind the Round: To support operational liquidity and financial stability.
- Series D
- Amount Raised: $200M
- Date: March 2021
- Lead Investors: Tiger Global Management
- Valuation at Round: $3.2 billion
- Motivation Behind the Round: To support the company's growth and development of technology for easier patient payments.
- Series D
- Amount Raised: $68.4M
- Date: December 2022
- Lead Investors: Memorial Hermann Foundation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further enhance platform features and expand market presence.
Cedar has raised a total of $419.4M in funding. The most recent valuation is $3.2 billion.
Key Investors
- Memorial Hermann Foundation
- Details: Memorial Hermann Foundation is a philanthropic organization supporting the Memorial Hermann Health System, one of the largest not-for-profit health systems in Texas.
- Investment Focus Areas: Healthcare, community health, medical research.
- Notable Investments: Not publicly disclosed.
- Andreessen Horowitz
- Details: Andreessen Horowitz, also known as a16z, is a private venture capital firm based in Silicon Valley, known for investing in early-stage startups.
- Investment Focus Areas: Technology, healthcare, fintech, consumer, enterprise.
- Notable Investments: Facebook, Airbnb, Lyft.
- Tiger Global Management
- Details: Tiger Global Management is an investment firm that focuses on private and public companies in the global Internet, software, consumer, and financial technology industries.
- Investment Focus Areas: Internet, software, consumer, financial technology.
- Notable Investments: Facebook, LinkedIn, Spotify.
- Kinnevik
- Details: Kinnevik is a Swedish investment company that focuses on building digital consumer businesses in Europe and the United States.
- Investment Focus Areas: E-commerce, financial services, healthcare, telecommunications.
- Notable Investments: Zalando, Tele2, Betterment.
- JP Morgan Chase
- Details: JP Morgan Chase is a leading global financial services firm and one of the largest banking institutions in the United States.
- Investment Focus Areas: Financial services, technology, healthcare.
- Notable Investments: Robinhood, Plaid, Toast.
What's Next for Cedar?
With a fresh $200 million injection, Cedar is poised to capitalize on the burgeoning health tech sector. The company aims to enhance its patient payment platform, tapping into a market valued at $3.2 billion. This funding will enable Cedar to scale its technology and forge new partnerships with hospitals and health systems, broadening its user base.
Future fundraising seems promising given Cedar's rapid growth and increased valuation. However, the company must navigate challenges such as competition from other health tech firms and regulatory hurdles. Ensuring data security and privacy will also be crucial as Cedar continues to expand.
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