Cedar, a US-based patient engagement software provider that counts healthcare consortium Kaiser Permanente among its investors, completed a $200m series D round today that valued it at $3.2bn post-money.
Hedge fund manager Tiger Global Management led the round, which also featured healthcare-focused investment firm Concord Health Partners and venture capital firms Thrive Capital and Andreessen Horowitz.
Founded in 2016, Cedar has created a cloud platform that helps patients engage with hospitals and negotiate the payment process more efficiently. It has now raised approximately $357m altogether.
Kaiser Permanente took part in the company’s last round, a $102m series C equity and debt round in June 2020 that was led by Andreessen Horowitz and which included Thrive Capital, Kinnevik, Lakestar and Founders Fund, with JP Morgan supplying the debt portion.
Kinnevik, Founders Fund, Thrive Capital, Lakestar, Sound Ventures, Kevin Systrom and Nat Turner had provided $36m in series B funding for Cedar in 2018 following a $14m series A round featuring Founders Fund, Thrive Capital, Martin Ventures and SV Angel the previous year.
Cedar’s co-founder and chief executive, Florian Otto, said: “Now more than ever, patients deserve a healthcare experience that prioritises their needs, and yet there are still so many problems on the financial side, which negatively impact their medical journey.
“Our mission has always been to enable exceptional patient experiences and transform healthcare. With this funding, we are in position to further extend our footprint, help relieve financial burdens for patients and continue innovating to respond to ongoing shifts in the healthcare industry.”
