New York – March 23, 2021 – Cooley advised Cedar, an innovative patient engagement and financial technology platform, on its $200 million Series D financing, which brings its valuation to $3.2 billion.
Tiger Global Management led the round, which also included participation from existing investors Andreessen Horowitz (a16z), Thrive Capital and Concord Health Partners. Cedar will use the new capital to continue to meet skyrocketing demand for exceptional, patient-centric digital health experiences provided through its platform.
"Now, more than ever, patients deserve a healthcare experience that prioritizes their needs, and yet there are still so many problems on the financial side, which negatively impact their medical journey," Florian Otto, Cedar's CEO and co-founder, said in a news release. "Our mission has always been to enable exceptional patient experiences and transform healthcare. With this funding, we are in position to further extend our footprint, help relieve financial burdens for patients and continue innovating to respond to ongoing shifts in the healthcare industry."
Founded in 2016, Cedar has experienced significant growth resulting from its industry-leading levels of patient satisfaction, digital engagement and bill resolution, engaging with 300,000+ patients per day. The company now partners with more than 35 healthcare providers across the US.