InstaMed, a Philadelphia, PA-based Healthcare Payments Network, has raised $6m in growth capital.This round of funding included both debt and equity capital and came from existing investors including Osage Partners, which contributed $1.3m, Ashby Point Capital, NJTC Venture Fund, U.S. Bank, N.A.
A private equity group in Newport Beach, California, which includes eight high-net worth families from Southern California, committed the largest amount of capital, both as a part of this funding and since InstaMed’s inception.
With this round, the above mentioned investors have contributed $22m to date.
The company will use the capital to sustain its investment in new business and enhance its bi-coastal data center infrastructure and operations.
Instead of selling its products and solutions directly, InstaMed supports its partners, which include banks, system vendors and billing services, in building and delivering solutions that allow their customers to securely process all payment transactions.
FinSMEs
15/09/2010