InstaMed raises $50M from San Francisco-based Carrick Capital Partners - Technical.ly Philly

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Sep. 27, 2016 7:27 am

InstaMed raises $50M from San Francisco-based Carrick Capital Partners

The Center City healthcare payments company will use the funding to scale up.

InstaMed CEO Bill Marvin at the 2014 Enterprise Awards.

(Screenshot via YouTube)

Center City-based InstaMed, the healthcare payments company that hosts an annual user conference, just raised $50 million from a San Francisco-based venture firm.

Carrick Capital Partners Managing Director Jim Madden said the firm recognized the value of InstaMed’s platform offering, which reportedly processes tens of billions of dollars in healthcare payments annually.

As part of the deal, Madden will join the InstaMed board of directors, and Chris Wenner, a Carrick Capital Partners vice president, will become an observer to the board of directors.

“Carrick’s investment and experience will help drive the growth of the InstaMed Network and enhance the healthcare payment experience for providers, payers and consumers,” said InstaMed CEO Bill Marvin.

InstaMed’s VP of marketing, Deirdre Ruttle, told Technical.ly the funding will go toward growing the network of national providers, further development of market strategy and more work on current technology.

Ruttle said the company, which currently employs 200, is looking for ways to reach out to the local startup scene.

Oh, and also, they’re hiring.

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Roberto Torres

Roberto Torres became Technical.ly Lead Philly Reporter in May 2016. Prior, he was a freelance contributor to Technical.ly and Al Dia News. The native Venezuelan moved to Philadelphia in 2015 after reporting on research at his alma mater, the University of Zulia. Whenever he's not fencing deadlines, he can be found standing in line at Overbrook Pizza in West Philly, running Netflix/Hulu marathons with his wife or reading news from Venezuela.

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