- Funding to be used to accelerate MedoSync’s growth trajectory and continued expansion of its suite of user-friendly solutions that automate the medical claims process for healthcare providers, clinicians and insurers with a key focus on European markets.
- MedoSync aims to raise a further €1 million in a second round in Q4 2023 under the Employment Investment Incentive (EIIS) Scheme, allowing investors to claim up to 40% back in tax relief.
- This further round will be aimed at investors with industry expertise such as medical consultants who understand the problem to which MedoSync offers a suite of solutions.
Irish insurtech startup MedoSync today announced that it has successfully closed a bridging follow-on funding round of €1.1 million following a successful initial round of funding in late 2021. Contributors included returning investors Enrique Curran and JP Sisk. This is the first part of a 2023 funding round, with the next stage set to open in late 2023 to a select pool of potential industry investors, chiefly medical consultants.
A key focus and use of the latest secured funding will be on market preparation in order to expand on existing proven bespoke product solutions currently in operation, however a primary target being the €400 billion German healthcare market. This focus will leverage MedoSync’s access to the German market after its success in the country’s GKV:implulse Accelerator hosted by BITMARCK in late 2022.
MedoSync aims to eliminate waste from medical claims in order to free up capacity across the healthcare ecosystem. By integrating with existing hospital and insurer systems, MedoSync’s suite of user-friendly solutions automates the medical claims process for healthcare providers, clinicians and insurers, providing a single source of verified information for medical billing.
Commenting, MedoSync CEO and co-founder Dr. Martin Rochford said that the funds raised are testament to MedoSync’s proven suite of solutions, with a new focus on European expansion, in addition to the potential for further fundraising later this year.
“We are pleased to have closed this first part of our 2023 funding round, with a mix of new and returning investors. A key focus of this funding will be used for European market preparation while continuing to expand our services in Ireland. This strategic approach will enable us to reopen the funding round later in 2023 to investors with industry expertise such as medical consultants, a key target audience affected by issues related to outdated, paper-based billing. Under the Employment Investment Incentive Scheme (EIIS), these potential investors will have a great opportunity to claim up to 40% back in tax relief.
“Our proven suite of solutions bring clarity to the healthcare claims process for providers, clinicians and insurers, overall freeing up capacity across the ecosystem. Efficient and adaptable, our system flexes to the needs of each partner organisation. By integrating with provider and insurers systems, we are able to automate a number of tasks creating efficiencies for claims teams. Bottle necks and stoppages are quickly identified to reduce payment delays which unlocks capacity, giving administrative teams the space and opportunity to focus on higher value work.”
For more information, see www.medosync.com