Medxoom, an Atlanta-based Healthcare Marketplace platform, has raised an additional $8 million in venture capital from strategic industry investors. Sean Smith, healthcare IT veteran and Founder of Zelis Healthcare, will join Medxoom’s board.
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The funding round was led by Castellan Group, with participation by existing investors Las Olas VC and TTV Capital, as well as additional participation from healthcare tech and venture communities. Funds will be used to expedite business growth, increase staff and expand platform capabilities.
Medxoom offers its white label platform to plan administrators, payers and healthcare systems to improve member engagement, care selection and payments experiences. Medxoom has become a leading health benefits integration platform for self-insured plans. This latest infusion of capital will drive its payments, financial services and marketplace capabilities to scale.
“We’re pleased with our progress in the ecosystem; it’s great to be able to help progressive plan leaders and administrators integrate their offerings into a cohesive experience,” says Jeff Toewe, Medxoom CEO and Founder. “Our clients want their members to receive a curated marketplace experience focused on quality and cost containment. The era of a functioning Healthcare Marketplace in the US continues to progress; we’re pleased Medxoom’s platform and payments technologies help deliver their needs.”
“Medxoom’s solution addresses a major challenge in the US Healthcare market. By closing the loop between selecting a provider service and payment, Medxoom is driving the capabilities of a modern, shoppable market,” said Sean Smith, a Castellan Group founding family member. “We look forward to working with the Medxoom team to deliver on its maximum potential.”
“We’re pleased that the market has embraced Medxoom. We support the continued positive change Medxoom is making in the health benefits space, creating a functional healthcare marketplace,” said Dean Hatton, LOVC Founding Partner.
Sean Banks at TTV Capital added, “Medxoom’s progress on new payments models in the healthcare space demonstrates the ecosystem is supportive of new pricing and payment paradigms. We’re excited to continue to support Medxoom’s growth as the team further expands its ability to optimize healthcare consumer and payments experiences.”
About Castellan Group
Castellan Group, LLC is a SEC-registered investment advisor and multi-family family office that exists to partner with ultra-high net worth families as accountable stewards of their assets. In addition to managing a number of quantitative public investment strategies, Castellan structures direct investments in healthcare, financial technology, emerging consumer, green technology, and waste disposal businesses across a variety of stages and levels of the capital stack.
About Las Olas Venture Capital
Las Olas VC is a B2B focused, early-stage investment firm backing the next generation of enterprise tech founders. Las Olas VC’s mission is to provide capital leveraging its extensive operating experience and network to help B2B founders win. Dean Hatton, Esteban Reyes, Paul Tanner and Mark Volchek are the Founding Partners of Las Olas VC.
About TTV Capital
TTV Capital is one of the longest active venture capital firms investing in fintech. With more than 20 years of venture investing experience, the firm identifies innovators within the financial services field and uses a collaborative, entrepreneur-first approach to selecting portfolio companies. Additional information can be found at ttvcapital.com