Cedar hits $3.2bn valuation after Series D close

Cedar, a financial engagement platform aimed at patients, has hit a $3.2bn valuation following the close of a $200m Series D.

Tiger Global Management served as the lead investor, with commitments also coming from previous backers Andreessen Horowitz, Thrive Capital and Concord Health Partners.

This fresh equity will help the company meet the rising demand for its services, as well as accelerate its product roadmap. Funds will also be used to further collaboration with its development partners.

Cedar is building additional pre-visit functionality and tools to offer more pathways to affordability and actionable price transparency, it said.

The FinTech is a financial engagement platform aimed at simplifying bill resolution and payments for patients. Its platform can offer tailored patient engagement and messaging to maximise the likelihood of payments.

Furthermore, the company can offer healthcare providers with full visibility into revenue cycles and actionable insights around performance.

Cedar CEO and co-founder Florian Otto said, “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.

“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.”

The FinTech has raised a total of $350m in funding to date. It previously raised $102m in its Series C round in June 2020.

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