Patient engagement and financial technology leader Cedar announced it has closed more than $102M in Series C funding, led by venture capital firm Andreessen Horowitz. The deal includes $77M in venture capital and $25M from JP Morgan in venture debt. The company also announced it has partnered with Novant Health, a leading North Carolina-based healthcare system, to deliver an innovative, personalized financial experience for Novant Health patients. Both announcements underscore the company’s growth strategy and affirm the critical need to transform the U.S. healthcare system’s approach to patient financial engagement.
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“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.”
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To support Cedar’s rapid growth, the latest round of funding will be used to invest in expanding the company’s reach and to accelerate product innovation and expansion. Other participants in the fundraising round include 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. Andreessen Horowitz Managing Partner Scott Kupor will join Cedar’s board of directors. This round brings Cedar’s total capital raise to $157M to date.
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