Medallion plans to use the funding to increase headcount across its engineering and operations teams. Here are the top-line bullets you need to know.
Medallion, a medical credentialing and licensing technology provider, has raised $30M in a Series B. The round drew participation from Sequoia Capital and Optum Ventures, among others.
HOW’S THE COMPANY PERFORMING?
- San Francisco-based Medallion provides a platform that helps streamline the credentialing and licensing processes for providers and telemedicine companies.
- Medallion’s revenue has increased 5x over the past year, and the company aims to triple its revenue in 2022.
- The startup currently has 100+ clients, up from 25 at the beginning of the year, and they include Ro, Ginger, Firefly Health, and Eden Health.
- Medallion has tripled its headcount to 100 this year, and it plans to double it by the end of 2022.
WHY DOES THE MARKET MATTER?
- The global healthcare provider network management market is expected to grow at a CAGR of 22.8% and reach a value of $351.9B by 2027, according to Verified Market Research.
- Rising regulatory pressure in the US has contributed to market growth.
- Digital health companies have seen a funding boom in recent years. Notably, digital health companies raised $39.7B over the first 3 quarters of 2021, surpassing 2020’s year-end total by 27%.
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