InstaMed Just Raised $2M More Than Expected!

Source: Philadelphia Business Journal

InstaMed raises $17M, $2M more than it intended

InstaMed-Logo-new-200pxHealthcare payments network InstaMed recently announced it raised $17 million in private placement funding. The company said the total is $2 million more than it initially intended.

InstaMed credits its strong support of new and existing investors for the oversubscription of funding. Some local investors — new and old — include Osage Partners, NJTC Venture Fund, Ben Franklin Technology Partners and Midas Capital.

InstaMed plans to use the new funding to accelerate the growth of its network and make further investments in human capital.

Ten-year-old InstaMed, based in Center City, boasts itself as “the only fully integrated payments network for healthcare.” It processes billions of dollars per month for tens of thousands of hospitals, provider practices and payers, and millions of patients, a press release said.

InstaMed has 150 employees — 110 of which are in Philadelphia. The company also has an office in Newport Beach, Calif. With this new round of funding, InstaMed hopes to grow to 200 employees (at least 40 of the new hires are slated to be in Philadelphia).

InstaMed recently ranked on Deloitte’s ‘Fast 500’ list.