IRVINE, Calif., Oct. 6, 2011 /PRNewswire/ -- Kareo, Inc., the leading provider of easy and affordable cloud-based practice management and medical billing software for physicians in the United States, announced today the closing of a $10 million equity investment led by Greenspring Associates with participation from OpenView Venture Partners, Western Technology Investment (WTI) and angel investor Travis Kalanick. Kareo will use the new capital to aggressively expand its sales and marketing initiatives targeting small physician practices, enhance its product offering, and support its channel partnerships.
"Kareo is at the forefront of helping physicians transition from clunky and expensive legacy software to intuitive and affordable cloud-based solutions," said Dan Rodrigues, founder and CEO of Kareo. "We're excited to use this new investment to capitalize on our growth and help even more physicians discover that Kareo offers them a better way to manage their practice and get paid."
Over the past three years, Kareo has experienced explosive growth fueled by an affordable cloud-based solution that enables physicians to save time and money while increasing their reimbursement rates. Kareo is already used by thousands of small physician practices that each pay an average $200 per physician per month, and the company is adding hundreds of new paying physicians to the service every month. Kareo has grown by more than 100% a year for the past three years and is generating double-digit millions in annual recurring revenue. The company plans to increase its staff from 71 to more than 100 employees by the end of 2011 as it uses this capital to expand sales, marketing, support, and product teams at its Irvine and Indianapolis offices.
"We're very excited to invest in Dan and the Kareo team," said Jim Lim, Partner at Greenspring Associates. "Kareo is achieving impressive revenue growth and offers a solution that hits th
|SOURCE Kareo, Inc.|
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