Tebra Technologies Inc., a provider of software for independent healthcare practices, today announced that it has raised more than $72 million in new financing at a valuation exceeding $1 billion. 

The company says that the investment included a mix of equity and debt financing. It was led by Golub Capital, a major asset manager.

Newport Beach, California-based Tebra was formed in late 2021 through the merger of Kareo Inc. and PatientPop Inc., two venture-backed healthcare software startups. Golub Capital supported the merger with $65 million in growth funding. The firm’s latest investment in Tebra will be used by the company to support growth initiatives. 

Tebra provides a suite of cloud-based tools designed to help healthcare practices manage their day-to-day work more efficiently. According to the company, its software is used by more than 100,000 practices that provide care to more than 90 million patients in the U.S.

The first set of tools in its product portfolio focuses on care delivery. A healthcare practice can use the startup’s tools to organize its patients’ electronic healthcare records, deliver telehealth services, manage prescriptions and perform other tasks. Tebra says its software helps reduce the amount of time that its users spend on administrative chores.

The startup offers a second set of software products for improving the patient experience. Using Tebra’s tools, healthcare practices can set up an online portal that allows patients to more conveniently perform tasks such as scheduling appointments and submitting forms. Moreover, there’s a survey tool that enables healthcare practices to collect patient feedback.

The remaining software offerings focus on assisting healthcare practices with marketing. The company can help a healthcare practice set up a website that works well on both desktops and mobile devices. Additionally, it promises to simplify a variety of related marketing tasks including online advertising.

Tebra plans to invest its latest funding in several areas. The company will work to acquire more customers, as well as address sales growth opportunities in its existing customer base. Tebra plans to expand its product portfolio with new offerings to support the growth effort. 

“With this new investment from Golub Capital, we’ll be able to accelerate Tebra’s mission to unlock better healthcare by helping independent practices bring modernized care to patients everywhere,” said Tebra co-founder and Chief Executive Officer Dan Rodrigues. “Simultaneously, we will broaden our market reach and launch new solutions, helping an even larger number of physicians with digital tools and support.”

Tebra is one of several startups with software products designed to help organizations in a specific industry optimize their core day-to-day business operations. Clio, which is incorporated Themis Solutions Inc. and sells a platform that helps law firms operate more efficiently, closed a $110 million funding round last year. More recently, Fabric Inc. raised $140 million to streamline key business tasks for e-commerce marketplace operators. 

Photo: Pixabay