MIAMI - Cloud-based practice management firm, CareCloud, today announced it has secured $20 million in Series B financing. The funds will fuel the Company’s continued aggressive growth across all business functions, with a focus on product development while also bolstering sales and marketing capabilities. The funding round was led by Tenaya Capital and included existing investors Intel Capital and Norwest Venture Partners. This round brings CareCloud’s total funding to $44 million. Stewart Gollmer, Tenaya Capital’s Managing Partner, will join CareCloud’s Board of Directors.
“Most of the U.S. healthcare system is shackled with decades-old technology that will hinder us from improving patient care or delivering on cost containment efforts in a rapidly-changing environment of reform,” said Albert Santalo, CareCloud’s Chairman and CEO. “This investment validates CareCloud’s mission to aim at the heart of the challenge by leveraging the power of the cloud to foster innovation and ultimately replatform the industry. I am very pleased to welcome Tenaya Capital to our strong base of investors.”