Spark Capital doubles down on its investment in leading provider network management platform with introduction of new investors GV and Salesforce Ventures
SAN FRANCISCO–(BUSINESS WIRE)–Medallion, the modern provider management platform, today announced $35 million in Series C funding, raising its total funding to $85M. This investment comes on the heels of exceptional growth in the six months following its Series B round, including nearly doubling its employee count to 150, growing its revenue by 2x, and diversifying its customer base by doubling the number of health plans, providers and health systems.
The round was co-led by Spark Capital and new investor GV (formerly Google Ventures) with participation from new investor Salesforce Ventures and existing investors, including Sequoia Capital, Optum Ventures, BoxGroup, and Elad Gil.
“Medallion’s mission from day one has been to enable continuous, cost-effective care to patients by combining an industry-leading team of healthcare operations experts with a modern, efficient, and powerful provider network platform that health systems, payors, and virtual care organizations can rely on,” said Derek Lo, founder and CEO of Medallion. “With this additional funding, we’ll be able to accelerate product development, expand our go-to-market organization, and deepen strategic partnerships across our platform as we continue on our impressive growth trajectory.”
This funding comes six months after Medallion’s Series B and twelve months after its Series A, reinforcing Medallion’s position as a leading provider management platform for licensing, continuing education tracking, credentialing, compliance, and more. In addition to doubling its employees, growing its revenue by 2x, and diversifying its customer base, Medallion has expanded its leadership team with key hires, including Eric Johnston as Head of Finance, Christine Chiu as Head of Operations, Lauren Mitri as Vice President of Marketing, and Adrianna De Battista as Head of Talent.
“Licensing and credentialing are bottlenecks for healthcare organizations, inundated by manual processes that result in costly administrative hours. This has been exacerbated with the rise of virtual care services – making the administrative burden more acute,” said Katie Thiry, Managing Director at Salesforce Ventures. “There is a massive opportunity to build a next-gen software infrastructure for healthcare administration.”
“Patient care has completely transformed, and now more than ever, patients expect to receive care how they want it. This creates an enormous challenge for health systems and digital care companies that manage state licensure, plan enrollment, and provider monitoring,” says Sangeen Zeb, Partner at GV. “Medallion’s software platform immediately solves all of these complexities, giving customers the ability to focus on what matters most: patient health.”
Founded in 2020, Medallion empowers healthcare organizations of all sizes from small virtual care companies to large insurance payors and health systems to simplify, automate, and expedite their provider licensing and credentialing workflows. It’s estimated that the Medallion platform has saved over 250,000 hours of administrative work for leading healthcare organizations like Carbon Health, hims, Tia, Headspace Health, Oak Street Health, and hundreds more.
“Healthcare organizations are facing a rapid evolution to adopt technology to improve their internal operations. Medallion has made it their mission to provide solutions that help these organizations modernize and evolve to meet the growing consumer demands,” says Will Reed, General Partner, Growth at Spark Capital. “We couldn’t be more excited to continue to support their team in transforming healthcare operations to deliver better quality care to patients and providers.”
This is Spark Capital’s third investment in Medallion over the past twelve months, and the second time it has led an investment round.
Medallion is the first solution for healthcare companies to fully offload their clinician operations—state license management, payor enrollment, credentialing, and more—in one modern management platform. By empowering digital health companies, hospitals, payors, and other organizations to credential, license, and monitor their providers with ease from one modern platform, they eliminate time-consuming and laborious tasks that ultimately increases accessibility of care to millions of patients nationwide. Since inception in 2020, Medallion has saved over 250,000 administrative hours for leading healthcare companies like Ginger, MedExpress, Oak Street Health, and hundreds more, and has raised $85M from leading investors like Sequoia Capital, Spark Capital, Google Ventures, Salesforce Ventures, Elad Gil, and Mario Schlosser.
Lauren Mitri Abalos, [email protected]