Concord Health Partners Announces Investment in Cedar's Series C Funding
Participation Will Help Further Expand Cedar's Reach, Accelerate Product Innovation and Expansion
SUMMIT, N.J. - Concord Health Partners, a healthcare focused investment firm, announced today its investment in the Series C funding of Cedar, a leading patient engagement and financial technology platform.
Cedar facilitates patient-centric financial engagement across the entire care journey through personalized outreach and a seamless user experience. Over the past year, Cedar has realized substantial growth through innovative institutional collaborations, including a partnership with Novant Health that was announced on June 22.
"The evolution of patient financial engagement across the healthcare spectrum is front of mind for many of our health and hospital system partners, and Cedar has quickly become the leader in providing innovative solutions in that field," said James Olsen, Founder and Managing Partner of Concord Health Partners. "We are excited about the opportunity to partner with the Cedar team to continue to improve and transform patient satisfaction and financial results."
Concord's participation in Cedar's Series C funding will enable the company to accelerate investment in core product development, which is even more crucial in the aftermath of the COVID-19 pandemic.
"Leveraging Concord's strategic advice and partnerships with health and hospital systems will enable us to further accelerate our growth and extend the reach of our innovative solutions to more patients across the country," said Florian Otto, CEO and co-founder of Cedar. "We are thrilled at how we have been received by leading healthcare investors like Concord, and we look forward to working with them to expand our business and provide more patients access to an improved and personalized financial experience."
As was announced on June 22, Cedar's Series C funding round was led by Andreesen Horowitz. Other participants included JP Morgan, Kaiser Permanente and individual angel investors including Jerod Mayo, linebacker coach for the New England Patriots and Jeff Vacirca, MD, FACP and CEO of New York Cancer & Blood Specialists, as well as Cedar's current investors including Kinnevik, Thrive Capital, Lakestar and Founders Fund.
About Concord Health Partners
Concord Health Partners ("Concord") is a healthcare focused investment firm with a strategic model that optimizes the alignment of interests between investors and portfolio companies. Concord is primarily focused on investing in healthcare companies that have the potential to enhance the value of care through products, services, technologies and solutions that lower costs, improve quality and/or expand access to care.
Recently named the most innovative healthcare tech company of 2020, according to a KLAS survey of 300 healthcare executives, Cedar is a healthcare financial engagement platform for hospitals, health systems and medical groups that clarifies and simplifies the financial experience for patients, improving bill resolution and payment outcomes for providers. Using intuitive design and advanced data science, Cedar facilitates patient-centric financial engagement across the care journey. To learn more, visit www.cedar.com.