PHILADELPHIA, PA and NEWPORT BEACH, CA (December 2, 2014) – InstaMed, the leading Healthcare Payments Network, announced today that it oversubscribed its $15 million private placement funding by $2 million. InstaMed raised the capital to accelerate the growth of its network and to make further investments in human capital. The funding was oversubscribed due to strong support from existing and new investors.
InstaMed is the only fully integrated payments network for healthcare, processing billions of dollars per month among tens of thousands of hospitals and provider practices, thousands of payers, and millions of patients. InstaMed’s innovative private cloud technology transforms the healthcare payment process by delivering new levels of payment assurance, simplicity, convenience and cost savings to the healthcare industry.
InstaMed was founded and is headquartered in Philadelphia, PA, with operations in Newport Beach, CA. InstaMed has strong investor support from the Greater Philadelphia and Southern California regions. The 150-employee company was founded by Philadelphia native CEO Bill Marvin and Newport Beach native CTO Chris Seib.
“More than 11,000 healthcare provider organizations of all sizes and from all 50 states have joined the InstaMed Network in 2014 to receive payments and healthcare information electronically,” said Bill Marvin, President and CEO of InstaMed. “To support this growth, we are rapidly adding headcount, increasing office space and expanding our private cloud data centers on both the east and west coasts. While we scale operations, we remain committed to our mission of simplifying healthcare payments.”
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*The securities referenced in this press release have not been registered under the Securities Act of 1933 or any state securities laws, and unless so registered, the securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This press release is being issued pursuant to Rule 135c under the Securities Act and is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, any securities in any jurisdiction in which such offer, solicitation or sale is unlawful.