Tebra Technologies Inc., a health care information technology provider formed through a 2021 merger with the Santa Monica-based PatientPop Inc., officially gained unicorn status this month after securing an additional $72 million in funding.
The funding tips Tebra’s valuation past the $1 billion mark, according to a company statement, “solidifying (its) position as the digital backbone for independent healthcare practices.”
Tebra plans to use the latest round of funding, chiefly provided by New York-based Golub Capital, to expand its digital healthcare technology platforms and accelerate its research and development.
Dan Rodrigues, co-founder and chief executive of Tebra, told the Business Journal in an email that the funding would accelerate the company’s efforts to modernize the provider tech toolkit.
“Consumers are paying more for their healthcare. In turn, they demand a much more modern, convenient, and digital-first experience,” Rodrigues wrote. “Many traditional healthcare practices don’t really have the tools or the know-how to deliver an experience that matches today’s patient expectations.”
He said the funding would allow Tebra to broaden its market reach and provide more physicians with the tools and support “to attract new patients, get paid quicker, and operate their practice more efficiently.”
The company is the result of a merger of PatientPop and the Newport Beach-based Kareo Inc. Rodrigues said the merger has strengthened the company’s operations in Santa Monica and greater Los Angeles.
“L.A. is such an important hub for health tech companies and it’s great to see how much the city champions a variety of organizations working to make healthcare better,” said Rodrigues. “It is home to nearly half of our 1,000 employees, and in addition to the talent pool, we have enjoyed being part of the thriving tech culture.”
The name Tebra derives from “vertebra,” embodying the company’s vision to become a “backbone” for the industry, Rodrigues said.