A team of Foley attorneys led by Partner Chris Donovan represented Concord Health Partners in a Series D financing deal with Cedar, which in addition to other participants in this round, closed at $200 million total. The deal brings the company’s valuation to $3.2 billion—and boasts more than $350 million in total funding to date—and comes at a time when meeting and exceeding consumer preferences around digital experiences is no longer optional for health care providers. As COVID-19 has accelerated the digital shift in health care, demand for Cedar’s product has increased significantly, with the company quadrupling its business throughout 2020.
Cedar is an innovative patient engagement and financial technology platform that clarifies and simplifies the financial experience for patients, improving bill resolution and payment outcomes for providers. It will use the new capital to continue meeting demand for its exceptional, patient-centric digital health experiences, and position itself as the leading comprehensive health care consumer engagement platform.
Concord Health Partners is a health care focused investment firm with a strategic model that optimizes the alignment of interests between investors and portfolio companies. Concord is primarily focused on investing in health care companies that have the potential to enhance the value of care through products, services, technologies and solutions that lower costs, improve quality, and/or expand access to care.
The Foley team also included Andrew Kurzon, Von Bryant, and Kevin McNiff. Chris Donovan is co-chair of Foley’s Health Care Industry Team, co-chair of its Post-Acute Care & Senior Housing Practice, and a member of the firm’s Private Equity & Venture Capital Practice.