Web based physician SaaS purveyor CareCloud announces today a $5 million round of funding coming after a modest $2.3 round in January of this year.
Says CareCloud President and CEO Albert Santalo, “We are delighted with the outpouring of support from our investors. They share our passion and vision to revolutionize the healthcare experience with our digital ecosystem.”
A cloud-based app suite, CareCloud attempts to modernize the process of being a healthcare provider; physicians can use CareCloud’s web-based apps to streamline the managing of their businesses as well as collaborate with other doctors in the CareCloud’s healthcare provider social network.
This most recent round of CareCloud financing is notable because it is entirely from angel investors, with no participation from traditional VCs. Says CareCloud Director of Marketing Mike Cuesta, “A lot of the investors are new, but in terms of the names, we decided not to mention anyone in specific as there really isn’t anyone who is a ‘celebrity angel’, per se.”
According to Santalo, CareCloud plans on using the money to bolster software development and infrastructure to manage the “explosive growth” the service has had since their last series of funding and product launch in March.
Update: An original version of this post mistakenly referred to this as Series B funding, Cuesta clarifies that it is in fact not, “We may very well enter into a true Series A or B in the future where we take an investment from Venture Capitalists where we will offer a stock preference, but that is not the case here.”
CareCloud is a healthcare IT company founded with the mission of revolutionizing the healthcare experience through web-based software and services. The company was founded in 2009 by Albert Santalo, an experienced technologist and entrepreneur. CareCloud provides cloud-based medical practice management software to physicians and other healthcare providers, as well as a comprehensive revenue cycle management service for medical practices that choose to outsource their billing and collections. The company is currently developing an electronic medical record (EMR) system and...
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