Kareo was founded in 2004 by CEO Dan Rodrigues, a seasoned entrepreneur who had recognized a significant opportunity to use technology to improve and automate the antiquated process of medical billing. He realized that doctors were saddled with costly, inflexible and complicated tools to manage their practices, which took their attention away from what mattered most: caring for patients. He set out to build a technology solution from the ground up that could be delivered quickly, efficiently and cost-effectively from the cloud, and from this came Kareo’s flagship practice management solution. The company experienced rapid growth over the coming years as thousands of small practices around the country adopted the Kareo platform to manage their practices.
As the market evolved, it became clear to Dan and his team that there was an exciting opportunity to achieve an even bolder goal – an end-to-end technology platform for the small practice that stretched from managing the administrative elements of a practice to automating the clinical input of information for doctors all the way to optimizing collections so that doctors could get paid for their hard work. Dan knew that this substantially bigger vision would require a growth equity partner, and he chose to work with Stripes due to our track record of partnering with high-growth, founder-driven businesses that needed to accelerate sales & marketing and product development. Stripes invested in 2012, and then again in 2013 to fund a strategic acquisition, as the Company rolled out its end-to-end technology platform and continued to grow the business.