CredSimple Secures $14 Million in Series B Financing led by Questa Capital
NEW YORK, June 12, 2019 /PRNewswire/ -- CredSimple, the leading cloud-based healthcare credential verification organization, today announced the closing of a $14 million Series B financing. The round was led by Questa Capital, a venture growth equity firm focused on investing in expansion-stage healthcare companies, with participation from existing investors including Windham Venture Partners who led the company's Series A round and Primary Ventures who co-led its seed investment. The funds will be used to enhance the customer experience with exciting new products and services, accelerate sales, and expand the company's management team.
CredSimple is transforming practitioner and facility credentialing into a fast, compliant and cost-effective cloud-based service for healthcare organizations. Certified by The National Committee for Quality Assurance (NCQA), the company's technology-powered Credential Verification Cloud (CVC) platform gives organizations greater transparency and visibility over their provider networks by automating, streamlining and simplifying the process of credentialing. CredSimple serves a wide range of customers from start-ups to large integrated health plans, independent physician associations, telehealth companies, and other healthcare organizations that manage provider networks.
"CredSimple is redefining the provider credentialing process for the healthcare industry. Our CVC platform eliminates credentialing backlogs, reduces compliance risk and administrative costs, and streamlines operations -- delivering customers significant improvement in credentialing turnaround times and a seamless, cutting edge experience for their providers. This funding will allow us to invest in our existing client relationships, as well as accelerate innovation, and expand our market reach. We are thrilled to have a partner like Questa with deep healthcare domain expertise and appreciation for our mission of streamlining such a manual process for the industry," said Mike Simmons, CredSimple Founder and Chief Executive Officer.
"CredSimple addresses a costly recurring pain point for health plans, state agencies, and provider organizations, replacing what has historically been a labor- and resource-intensive process into an efficient, transparent and integrated credentialing solution. Health plans struggle with broader provider network management and in particular credentialing and monitoring. Having studied the space and seen the problem up close within our healthcare portfolio over the years, we believe now is the time to invest in innovative, technology driven solutions like CredSimple to address such an immense market opportunity," commented Brad Sloan, Managing Director at Questa Capital who has joined CredSimple's board of directors.
About Questa Capital