CareCloud, the fast-growing Miami-based provider of cloud-based practice management, electronic health records and medical billing software and services, announced Tuesday that it has closed on $20 million in Series B financing.
The venture funds will fuel the company’s aggressive growth across all business functions, with a focus on product development and sales and marketing, the company said. The funding round was led by Tenaya Capital, a venture capital firm with offices in Silicon Valley and Boston, and included existing investors Intel Capital and Norwest Venture Partners. Stewart Gollmer, Tenaya Capital’s managing partner, will join CareCloud’s board of directors.
This round brings CareCloud’s total funding to $44 million.
CareCloud’s cloud-based platform powers nearly 3,000 providers and the company, led by founder, Chairman and CEO Albert Santalo, manages more than $2 billion in annualized accounts receivables.