Kareo Gets $9.5M

Irvine-based Kareo, a developer of web-based medical billing software, announced today that it has raised $9.5M in an investment round. According to Kareo, the funding came from OpenView Venture Partners. The firm said the new funding will go to enhance customer service, expand its product suite, build out sales and marketing, as well as to bolster its management team. As part of the funding, OpenView's Adam marcus has joined its board. Kareo is run by Dan Rodrigues, and provides subscription-based software used by physicians in small medical practices. The software provides such features as appointment scheduling, insurance eligibility checks, billing, accounts receivables, and more. Kareo had previously received funding from Minor Ventures, an investment fund owned by Halsey Minor. According to Rodrigues, part of the funding from OpenView went towards buying out Minor Ventures' position in the firm, with the rest being used for growth capital. More information »