SAN FRANCISCO–(BUSINESS WIRE)–Medallion, the modern vendor management platform, today announced $35 million in Series C funding, bringing its total funding to $85 million. This investment follows exceptional growth in the six months following its Series B cycle, including nearly doubling its number of employees to 150, doubling its revenue and diversifying its customer base by doubling the number health plans, providers and health services. 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 seamless, cost-effective patient care by combining an industry-leading team of healthcare operations experts with a modern provider network platform. , efficient and powerful that healthcare systems, payers and virtual care organizations can rely on,” said Derek Lo, Founder and CEO of Medallion. “With this additional funding, we will be able to accelerate the development of products, expand our go-to-market organization and deepen strategic partnerships on our platform while continuing our impressive growth trajectory.”
This funding comes six months after Medallion’s Series B and twelve months after its Series A, solidifying Medallion’s position as a leading vendor management platform for licensing, continuing education tracking, accreditation, compliance, etc. In addition to doubling its employees, doubling its revenue and diversifying its customer base, Medallion has expanded its leadership team with key hires, including Eric Johnston as Chief Financial Officer, Christine Chiu as Chief of Operations, Lauren Mitri as Vice President of Marketing and Adrianna De Battista as Head of Talent.
“Licensing and accreditation are bottlenecks for healthcare organizations, awash in manual processes that result in costly administrative hours. This has been exacerbated with the rise of virtual care services, adding to the administrative burden,” said Katie Thiry, managing director of Salesforce Ventures. “There is a huge opportunity to build next-generation software infrastructure for healthcare administration.”
“Patient care has completely transformed, and now more than ever, patients expect to receive care the way they want. This creates a huge challenge for health systems and digital care companies managing state licensing, plan enrollment, and provider oversight,” says Sangeen Zeb, Partner at GV. “Medallion’s software platform immediately resolves all of these complexities, empowering customers to focus on what matters most: patient health.”
Founded in 2020, Medallion enables healthcare organizations of all sizes, from small virtual care companies to large insurance payers and healthcare systems, to simplify, automate and accelerate their workflows to licensing and accreditation of suppliers. The Medallion platform is estimated to have saved over 250,000 hours of administrative time for leading healthcare organizations such as Carbon Health, hims, Tia, Headspace Health, Oak Street Health and hundreds more .
“Healthcare organizations face a rapid shift to adopt technology to improve their internal operations. Medallion is on a mission to provide solutions that help these organizations modernize and scale to meet growing consumer demands,” said Will Reed, General Partner, Growth at Spark Capital. “We couldn’t be more excited to continue supporting their team in transforming healthcare operations to deliver better care to patients and providers. »
This is Spark Capital’s third investment in Medallion in the past twelve months, and the second time it has led an investment round.
About the medallion
Medallion is the first solution for healthcare companies to completely offload their clinician operations (state license management, payer enrollment, accreditation, etc.) onto a modern management platform. By enabling digital health companies, hospitals, payers and other organizations to easily accredit, license and monitor their providers from one modern platform, they eliminate time-consuming and painstaking work that ultimately increases the accessibility of care to millions of patients nationwide. Since its inception in 2020, Medallion has saved more than 250,000 administrative hours for leading healthcare companies like Ginger, MedExpress, Oak Street Health and hundreds of others, and raised $85 million from investors from leading companies like Sequoia Capital, Spark Capital, Google Ventures, Salesforce Ventures, Elad Gil and Mario Schlosser.