Business

June 26, 2014

CareCloud raises $25.5 million in venture debt

CareCloud, the Miami-based healthcare-technology company, announced Thursday that it has received a $25.5 million debt financing commitment from Hercules Technology Growth Capital, a specialty finance company that provides senior secured loans to venture capital-backed technology companies.

CareCloud, the Miami-based healthcare-technology company, announced Thursday that it has received a $25.5 million debt financing commitment from  Hercules Technology Growth Capital, a specialty finance company that provides senior secured loans to venture capital-backed technology companies.

CareCloud, now with about 270 employees, provides  cloud-based practice management, electronic health records and medical billing software and services.  One of the leading venture companies in South Florida, CareCloud last summer announced it closed its  Series B round of more than $29 million, bringing total VC investment in the company to $55 million from firms including Intel Capital, Norwest Venture Partners, Tenaya Capital and Adams Street Partners.

CareCloud, founded in 2009 by  CEO Albert Santalo, said in a news release that in the first quarter of this year, the company signed more than 170 new medical groups to its cloud-based platform serving about 1,200 clients in 48 states.

Hercules Technology Growth Capital focuses on companies in technology-related markets, including technology, biotechnology, life science, and energy and renewable technology industries, at all stages of development. Since its inception in December 2003, Hercules has committed more than $4.2 billion to more than 270 companies, Hercules said in a news release.

Nancy Dahlberg

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