Orange County Business Journal

$10M Investment in Irvine Medical Software Company

Vita Reed Thursday, October 6, 2011

Irvine-based medical software provider Kareo Inc. closed a $10 million equity investment today.

Kareo provides cloud-based practice management and medical billing software for doctors. The company said it plans to use the money to expand its sales and marketing, develop its product lineup, and bolster its roster of suppliers.

The moves are expected to lead to new hires. Kareo now has about 70 workers and expects to add 30 or more by the end of the year.

Greenspring Associates of Owings Mills, Md. led the investment. Other participants included Boston-based OpenView Venture Partners, Western Technology Investment in Portola Valley and Travis Kalanick, an angel investor.

Kareo, which also has an office in Indianapolis, provides doctors with subscription-based software over the Internet that helps them manage their business and receive payments. Appointment scheduling, insurance eligibility verification, sending electronic claims and receiving insurance payments are among the services provided.