Blog: Madaket Update: $10M Series B round includes powerhouse strategics Salesforce Ventures, PNC Bank and Experian Ventures and led by Qiming Venture Partners

Dear Friends of Madaket,

Things have been busy at Madaket this summer. Most recently, we’ve closed another round of funding—this one in the amount of $10 million. As you can imagine, our team is elated.

Beyond the dollars, I’m overwhelmed by the caliber of organizations we’ve brought into our organization. As some of you know, the founders hatched the idea for Madaket with zero prior healthcare experience. That has worked to our advantage. As our SaaS platform for enrollment and credentialing has evolved; we’ve proven that our fresh approach to solving complex problems can work and is changing the game.

Our desire to raise more capital stemmed from our need to scale our team and solutions in order to meet market demand. As we shopped our ideas to the investment community, we found that our approach was also attractive to large tech and financial services companies who share our view that you can innovate in healthcare using proven approaches from other industries.

The syndicate of Series B investors validates this strategy. The investment arms of Salesforce.com, PNC Bank and Experian see value in our approach and are now part of the Madaket family. The group was led by an entrepreneurial-minded VC, Qiming Venture Partners, who bring to Madaket their deep investing and operating backgrounds in healthcare and technology. What a group!

Just six years ago, we were healthcare outsiders determined to rip out administrative and financial waste from the healthcare system. We knew from our Intralinks experience that there was an approach that could, work but we didn’t know how far we could take it.

Today, we begin the next chapter of Madaket. We’re more determined than ever to make the lives of providers better by simplifying their administrative interactions with payers. And we’re now an innovative company with a team of over 40, rapidly growing and on the brink of transforming an industry.

We’ve accomplished so much in such a short period of time. In the past 36 months alone, we’ve processed a remarkable 1.5 million EDI enrollments. That’s countless hours that we’ve given back to providers to enable them do what they do best: deliver high-quality patient care.

It gives me immense pleasure to lead this great company on such an important mission. Thank you for your continued support and interest in Madaket. I look forward to sharing additional exciting news in the coming months.

Enjoy your summer!

-Jim

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