Irvine, California-based Kareo, which offers cloud-based medical office software for small practices, announced Tuesday that it has raised $20.5 million.
Stripes Group led the investment while existing investor Western Technology Investments also participated in the round. Including this investment, the health IT company has raised more than $38 million.
The funds will be used to launch Kareo Billing Services, a revenue cycle management service, as well as to expand sales and marketing. The company has had a busy 2012, doubling its employee base and annual revenue in addition to acquiring more customers tipping Kareo over the 6,000 mark.
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“Stripes Group was attracted by Kareo’s unparalleled track record at building and deploying cloud-based software into the small practice medical market. The company’s growth rate over the last few years has been phenomenal and is a testament to the strength of Kareo’s ability to execute in an area where many have failed,” said Ken Fox, managing partner of Stripes Group, who is joining Kareo’s board, in a statement.
[Photo Credit: freedigitalphotos user Salvatore Vuono]
