Hercules Technology Growth Capital Provides $25.5MM in Venture Debt to CareCloud
CareCloud, a provider of cloud-based practice management, electronic health records (EHR), and medical billing software and services, announced that it has received a $25.5 million debt financing commitment from Hercules Technology Growth Capital, Inc., a specialty finance company focused on providing senior secured loans to venture capital-backed companies in technology-related markets, including technology, biotechnology, life science, and energy & renewable technology industries, at all stages of development.
“We are thrilled to have the support and confidence of a leading technology investor like Hercules as we continue to execute on our aggressive business plan,” said R. Scott Lentz, Chief Financial Officer of CareCloud. “This commitment will enable us to accelerate the expansion of our technology solutions and further our strategic objective of providing the industry’s first modern cloud-based platform for healthcare.”
“We appreciate the opportunity to provide the financing required to advance CareCloud’s efforts to expand its market footprint and achieve its impressive growth objectives,” commented Tony Pandjiris, Managing Director at Hercules. “We are confident that CareCloud’s strong management team will be able to seize on the considerable market opportunity as medical groups look to modernize their IT infrastructure and deliver the best patient care possible.”