Cedar has raised a total of $419.4 million across multiple funding rounds, with its largest being a $200 million Series D round in March 2021 led by Tiger Global Management. Founded in 2016 and headquartered in New York, United States, Cedar provides a patient payment and engagement platform that simplifies healthcare billing for hospitals, health systems, and medical groups. Backed by investors including Memorial Hermann Foundation, Andreessen Horowitz, and Kinnevik, Cedar continues to scale its platform and modernize the patient financial experience.
Keep reading to explore Cedar’s funding journey, key investors, and what’s next for this healthcare fintech innovator.
What Is Cedar and What Does It Do?
Founded in 2016 by Arel Lidow, Florian Otto, and Kareem Zaki, Cedar is headquartered in New York, New York, United States. The company develops a patient payment and engagement platform that integrates with Electronic Health Records (EHR) to streamline billing and payments.
Its flagship solution, Cedar Pay, enables end-to-end patient payment management while personalizing the financial experience for patients.
With a workforce of 251–500 employees, Cedar serves hospitals, health systems, and medical groups, leveraging advanced data science to simplify the payment process and improve patient engagement.
How Much Funding Has Cedar Raised?
- Series A
- Amount Raised: $13M
- Date: December 2017
- Motivation: To develop and launch the initial patient payment platform.
- Series B
- Amount Raised: $36M
- Date: June 2018
- Lead Investors: Kinnevik
- Motivation: To expand market reach and enhance platform capabilities.
- Series C
- Amount Raised: $77M
- Date: June 2020
- Lead Investors: Andreessen Horowitz
- Motivation: To scale operations and integrate advanced data science.
- Debt Financing
- Amount Raised: $25M
- Date: June 2020
- Lead Investors: JP Morgan Chase
- Motivation: To support operational liquidity and financial stability.
- Series D
- Amount Raised: $200M
- Date: March 2021
- Lead Investors: Tiger Global Management
- Valuation at Round: $3.2B
- Motivation: To expand the platform and develop technology for easier patient payments.
- Series D (Additional)
- Amount Raised: $68.4M
- Date: December 2022
- Lead Investors: Memorial Hermann Foundation
- Motivation: To further enhance platform features and expand market presence.
Total Funding Raised: $419.4M
Current Valuation: $3.2B
Latest Funding Date: December 2022
Key Investors
- Memorial Hermann Foundation
- Details: Philanthropic organization supporting the Memorial Hermann Health System in Texas.
- Investment Focus Areas: Healthcare, community health, and medical research
- Andreessen Horowitz
- Details: Venture capital firm investing in early-stage startups, based in Silicon Valley.
- Investment Focus Areas: Technology, healthcare, fintech, consumer, enterprise
- Notable Investments: Facebook, Airbnb, Lyft
- Tiger Global Management
- Details: Investment firm focusing on private and public companies in software, internet, consumer, and fintech.
- Investment Focus Areas: Internet, software, consumer, financial technology
- Notable Investments: Facebook, LinkedIn, Spotify
- Kinnevik
- Details: Swedish investment company building digital consumer businesses in Europe and the United States.
- Investment Focus Areas: E-commerce, financial services, healthcare, telecommunications
- Notable Investments: Zalando, Tele2, Betterment
- JP Morgan Chase
- Details: Leading global financial services firm headquartered in the United States.
- Investment Focus Areas: Financial services, technology, healthcare
- Notable Investments: Robinhood, Plaid, Toast
Where Is Cedar’s Headquarters?
Cedar is headquartered in New York, New York, United States, providing access to a large healthcare network, top tech talent, and proximity to enterprise clients and partners.
What’s Next for Cedar?
With recent funding and a $3.2B valuation, Cedar aims to enhance its patient payment platform and expand partnerships with hospitals and health systems. Future fundraising appears promising as the company scales. However, it will need to navigate regulatory requirements, competition in the health tech sector, and ensure data security while continuing to modernize healthcare financial experiences.
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