Kareo Raises $20.5M For Medical Billing Software

Irvine-based Kareo has raised $20.5M in a Series F funding, led by Stripes Group and also including Western Technology Investment. Kareo develops software that provides medical office for small practices. The firm has previously raised funding from OpenView Venture Partners, Greenspring Associates and Western Technology Investments. The firm has now raised around $45M in funding. Kareo is led by Dan Rodrigues. Kareo said the new funding will go towards the launch of a new product, Kareo Billing Services, a technology-enabled revenue cycle management solution for small medical practices. The firm said it doubled its revenues and employee base in 2012. More information »