CoFi Raises $3.5 Million to Support Expansion of Its Multi-party Payment Platform for Premium Elective Ophthalmic Surgeries
June 6, 2023— CoFi, Inc., a provider of an innovative, multi-party payment software platform for eye care practices offering elective surgical procedures, today announced it has closed a $3.5 million seed funding round to finance support of its current customer base as well as
expansion into new eye are practices. The funding round was led by Las Olas Venture Capital (LOVC) and includes investments from Synchrony Ventures and a syndicate of angel investors who have previously invested in the company.
“We are thrilled to close this funding round with investors who are strategically accretive to our business,” said Sean Hanlon, CoFi’s founder and CEO. “Our platform is unique in that it enables patients to pay multiple providers involved in a surgical procedure or healthcare service at once. CoFi makes the payment experience more convenient for both patients and providers, while also helping to facilitate compliance by ensuring that patients directly pay each provider. We look forward to growing our sales, marketing, and product teams to support our ophthalmology, optometry, and ambulatory surgery center (ASC) customers, as well as expand our presence throughout the vision space.”
Elective ophthalmic procedures, such as premium cataract and LASIK procedures, often involve multiple providers—e.g., the surgeon, ASC, and co-managing optometrist. Today, either patients make multiple payments to different providers at different points in time, or surgeons risk compliance issues by collecting for and remitting payment to their surgical partners. With CoFi, patients separately pay each provider at once. Since its product launch just over two years ago, more than 2,500 eye surgeons, optometrists, ASCs, and anesthesia providers are using the CoFi platform.
“We’ve loved working with Sean and are incredibly excited to partner with the entire CoFi team. CoFi is fixing a deep institutional issue with a seamless, multi-party solution.” said Dean Hatton, Founding Partner at LOVC.
“CoFi shares Synchrony’s commitment to deliver seamless, transparent payment experiences for patients and providers,” said Josh Aycock, Principal at Synchrony Ventures, the venture arm of Synchrony. “This investment builds on our partnership to integrate Synchrony’s CareCredit, a leading provider of patient financing solutions, into CoFi’s network. We look forward to investing in this solution
to empower patients through their healthcare payments journey.”
CoFi, Inc., provides an innovative, multi-party payment platform for elective medical procedures. Using CoFi, patients directly pay each provider involved in a procedure or healthcare service through a single, convenient payment event. Our software enables providers and surgical facilities to offer a premium payment experience to their premium patients. CoFi has seen growing market adoption in ophthalmology, where the platform delivers critical payment compliance and work-flow advantages to surgeons, co-managing optometrists, and ambulatory surgery centers for premium cataract and LASIK procedures. Learn more at www.cofimd.com.
About Las Olas Venture Capital (LOVC)
LOVC is a seed-stage lead investor VC firm. We typically invest up to $2M in seed rounds of B2B software companies and then work closely with the founders to get them to the next level. We believe there is a new generation of B2B companies that are emerging out of places that are largely ignored by traditional venture capital, and that this is a global phenomenon driven by the mass digitization of industries. We aim to be the partner of choice for those founders.
Synchrony (NYSE: SYF) is a premier consumer financial services company delivering one of the industry’s most complete digitally-enabled product suites. Our experience, expertise and scale encompass a broad spectrum of industries including digital, health and wellness, retail, telecommunications, home, auto, outdoor, pet and more. We have an established and diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which we refer to as our “partners.” We connect our partners and consumers through our dynamic financial ecosystem and provide them with a diverse set of financing solutions and innovative digital capabilities to address their specific needs and deliver seamless, omnichannel experiences. We offer the right financing products to the right customers in their channel of choice. For more information, visit www.synchrony.com and Twitter: @Synchrony.