Total amount raised
$99.8 Million
Latest funding date
2/1/2025
Location
Candid Health has successfully raised funding over four rounds, with the latest being a Series C led by Oak HC/FT. The company is backed by seven investors, including notable names like Oak HC/FT and Y Combinator.
Keep reading to explore the intricacies of Candid Health's fundraising journey and the investors backing this innovative platform.
What Is Candid Health?
Candid Health is a private company based in San Francisco, California, specializing in healthcare revenue cycle management automation. The company operates in industries such as Artificial Intelligence, Billing, Health Care, Software, and Transaction Processing.
With a workforce of 101-250 employees, Candid Health aims to streamline and optimize the revenue cycle for healthcare providers through its advanced automation platform. The company has successfully raised funding through a Series C round, with notable investors including Oak HC/FT and Y Combinator.
How Much Funding Has Candid Health Raised?
- Seed Round
- Amount Raised: USD 2,300,000
- Date: March 2020
- Lead Investors: 8VC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial version of their revenue cycle automation platform.
- Series A
- Amount Raised: USD 16,000,000
- Date: April 2022
- Lead Investors: First Round Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and expand the team.
- Series B
- Amount Raised: USD 29,000,000
- Date: September 2024
- Lead Investors: 8VC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance platform features and increase market penetration.
- Series C
- Amount Raised: USD 52,500,000
- Date: February 2025
- Lead Investors: Oak HC/FT
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and enhance GenAI features.
Total Amount Raised: USD 99,800,000. Current Valuation: Not publicly disclosed.
Key Investors
- Oak HC/FT
- Details: Oak HC/FT is a venture and growth equity firm specializing in fintech and healthcare investments. Founded in 2014, it has invested in over 85 portfolio companies and manages over $5.3 billion in assets.
- Investment Focus Areas: Fintech, healthcare
- Notable Investments: One Medical, VillageMD, Poynt
- 8VC
- Details: 8VC is a venture capital firm that invests in early-stage and growth-stage companies, focusing on technology and healthcare. The firm aims to build and support transformative companies.
- Investment Focus Areas: Technology, healthcare, logistics
- Notable Investments: Palantir, Wish, Guardant Health
- First Round Capital
- Details: First Round Capital is an early-stage venture capital firm that provides seed-stage funding to technology companies. The firm is known for its hands-on approach and extensive network.
- Investment Focus Areas: Technology startups
- Notable Investments: Uber, Square, Warby Parker
- Y Combinator
- Details: Y Combinator is a startup accelerator that provides seed funding, advice, and connections to early-stage startups. It has funded over 2,000 companies since its inception.
- Investment Focus Areas: Early-stage startups across various sectors
- Notable Investments: Airbnb, Dropbox, Stripe
- Boxgroup
- Details: Boxgroup is an early-stage investment fund that invests in technology startups. The firm focuses on supporting founders with bold visions and innovative ideas.
- Investment Focus Areas: Technology startups
- Notable Investments: Flatiron Health, Glossier, Warby Parker
What's Next for Candid Health?
With the recent $52.5 million Series C funding, Candid Health is poised to expand its operations and enhance its GenAI features. The company aims to increase its customer base, currently over 200 healthcare organizations, by targeting multi-site provider groups across the United States. This expansion could significantly reduce administrative costs, which exceed $100 billion annually in the healthcare sector.
Future fundraising opportunities appear promising, given the company's strong financial backing and rapid growth. Additional funding rounds, such as Series D, could further support technological advancements and market penetration. However, Candid Health will need to navigate challenges like competition from other RCM solutions and maintaining compliance with healthcare regulations.
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