MedeFinance Inc., an Emeryville, Calif.-based provider of healthcare performance analytics, has raised $50 million in funding led by Bain Capital Ventures. The company had raised $10 million late last year from Industry Ventures and Emergence Capital Partners.
MedeFinance, Inc. (Mede), the leading healthcare performance analytics company, today announced that it has secured $50 million in funding led by Bain Capital Ventures with additional reinvestment from certain of the company's existing investors. The purchasers acquired a minority position in the company. This venture funding round was based on the company's strong track record of revenue growth, expansion of its solutions portfolio and significant set of future opportunities.
Mede plans to use the financing proceeds to fund new growth initiatives and acquisition opportunities. The company also used a portion of the proceeds to complete a stock repurchase from certain existing investors.
Mede is the recognized leader in healthcare analytics with business intelligence services that are a revolutionary blend of adaptive web analytics, client services, and a hosted IT environment that empowers healthcare executives to create value by establishing a culture of data-driven decision making and accountability.
“We are extremely pleased by the vote of confidence Bain has given the company and its strategy,” said Mede Chief Executive Officer Michael Gallagher. “We could not ask for a better partner.”
“We are thrilled to partner with Mede and its management team which continues to build Mede into a world-class company,” said Bain Capital Ventures Director Jeffrey Crisan, “The opportunity in front of Mede is immense and we are looking forward to working with the company to achieve its full potential.”
Established in 1984, Bain Capital is one of the world's leading private investment firms whose affiliates manage over $78 billion in assets across multiple funds and investment vehicles. Based in
Mede is transforming healthcare by achieving advanced outcomes for its clients through a unique combination of performance intelligence solutions and deep healthcare expertise. Mede provides a full suite of customizable solutions for advanced financial, operational and clinical performance. These analytics solutions are delivered through Mede's Web-hosted analytics platform and are enhanced by healthcare-specific client teams to ensure speed to sustainable value. Over 700 healthcare organizations in the U.S. and U.K. have experienced quick ROI from Mede solutions with low total cost of ownership. The company has been recently recognized by Inc. Magazine as one of the 500 most rapidly growing privately-held companies in the United States. To find out more about Mede, visit www.medefinance.com
About Bain Capital Ventures
Bain Capital Ventures is the Boston-based venture capital group of Bain Capital, whose affiliates manage over $78 billion of assets across multiple funds. Founded in 1984, Bain Capital and its affiliates have invested in over 230 companies with such notable successes as Doubleclick, Gartner Group, Taleo, ProfitLogic, m-Qube and Staples. Bain Capital's history of investing in early stage companies dates back to 1984, having made over 120 venture-stage investments since inception. Bain Capital Ventures currently has over $1 billion under management and invests in healthcare, software, wireless, information-services, technology-driven business services, retail, internet and consumer businesses. Bain Capital Ventures makes investments across all stages of a company's growth: from providing seed capital through offering late stage growth equity.