CareCloud Raises $20 Million Series B Competing With athenaHealth, Practice Fusion

6-18-2013 8-35-21 PM

Miami, FL-based CareCloud closes a $20 million Series B round led by Tenaya Capital, a technology VC firm. Other investors included Norwest Venture Partners and Intel Capital. This round, combined with earlier funding efforts brings CareCloud’s total funding to $44 million.

Founded in 2011, CareCloud is differentiating itself in the highly saturated ambulatory EHR market by developing home-grown solution that meet the needs of both clinical and financial end users, rather than acquiring other companies to expand its capabilities.

The company also delivers a cloud-based solution that saves customers on the cost of hardware, and offers a “pay-as-you-go” contract that eliminates the up front licensing and implementation fees that most companies insist on. These factors, combined with a highly rated user interface, have established CareCloud as a force to be reckoned with in the ambulatory EHR space. The company expects to do $10 million in business this year.

6-18-2013 8-26-50 PM

Their successes have not gone unnoticed. In 2011, athenaHealth CEO Jonathan Bush saw a demonstration of CareCloud’s solution and raved about them in a tweet that called the startup “the man who would kill me.” Shortly after, CareCloud opened an office just down the street from athenaHealth and began successfully head hunting Athena executives. Now, Bush is suing CareCloud for patent infringement.

CareCloud plans to use the $20 million to enhance its EHR and continue hiring.

↑ Back to top

Founding Sponsors

Platinum Sponsors