CoFi Raises $2 Million to Make Paying for Elective Surgeries Easier for Patients and Healthcare Providers
Investors include physicians who experienced pain points addressed by CoFi’s payments platform and experts in paytech.
Boston, Massachusetts – CoFi, Inc., provider of a multi-party payments platform for elective medical procedures, today announced it has closed a $2 million seed funding round which includes investments from Skylark Partners, physicians, and individual investors. The company will use this investment to grow marketing, sales, and product development.
With CoFi, patients can separately pay two or more healthcare providers involved in a procedure (e.g., surgeon, surgical partners, ambulatory surgery center) right at the surgeon’s office in a single, convenient, and compliant payment event. The company has seen initial, widespread adoption of the platform within ophthalmology, where over 350 eye care practices and facilities now use CoFi to improve efficiency at their practices.
“We are thrilled to have closed this investment round. The money we raised further validate the opportunity for CoFi and the need for our multi-party payments product,” said Sean Hanlon, CoFi Co-founder and CEO. “I am excited to grow our team, add new product features, and expand our product offering beyond ophthalmic surgeries.”
Investors in the round include Skylark Partners, several angel investors, and several physicians. The investors were selected by evaluating each party’s ability to provide guidance in growing the business and expertise in paytech and healthcare. Skylark Partners has decades of experience transforming businesses into market leaders.
“The need to provide patients with a superior payment experience has become abundantly clear. CoFi is a first-mover in this area,” said John Porter, Executive Partner at Skylark Partners. “We see great potential for CoFi to deliver on this well-articulated but unaddressed need in the elective medical procedure space."
The physicians investing in the round have first-hand experience with the complicated tasks of delivering a superior patient experience, maintaining relationships with surgical partners, and ensuring compliance in an ever-shifting landscape.
“I chose to invest in CoFi after I saw a product demo. No other company provides a solution for multi-party payments that is simple for our patients, our practice, and our co-managing partners.” said Max Parikh, M.D., a LASIK and cataract surgeon in San Diego. “I did not want to miss this opportunity as an investor and surgeon.”