Caregility Secures $25 Million in Additional Funding
Star Mountain expands its investment in Caregility to fuel growth and development initiatives
EATONTOWN, N.J.,Jan. 11, 2022/PRNewswire/ —Caregility, a company dedicated to connecting care wherever patients are with its Caregility virtual care platform, announced that it has secured an additional$25 millionin funding to help accelerate its market growth and innovation. Since receiving an initial investment fromStar Mountainin 2019, Caregility has experienced tremendous growth over the past two years, capturing significant market share and industry recognition. In 2021, Caregility’s virtual care platform was named Best in KLAS (non EMR), won an Inc. Best in Business award and was named one of the best places to work inNew Jersey. The company has seen its customer base expand to more than 87 health systems with its solution used in over 1,300 hospitals. The Caregility platform, which supports their own purpose-built devices as well as standards-based devices, smart phones and tablets, now has over 25,000 endpoints connected to the service with millions of virtual sessions being hosted annually.
“We have accomplished so much with our initial investment,” saidRon Gaboury, CEO of Caregility. “We felt it was time to add additional funds to help us expand our team to support the growing base of customers, accelerate sales to new customers and to allow us to drive innovation that lets us capture more market share within health systems.”
“Star Mountainhas supported Caregility from its inception and we are excited with the performance and growth to date,” commentedBruce Eatroff, Managing Director at Star Mountain Capital. “With the rapid adoption of telehealth being seen in virtually every aspect of patient care, we wanted to make sure Caregility had the resources necessary to support its accelerated growth while maintaining its best in market customer satisfaction.”Brett Hickey, Founder and CEO of Star Mountain Capital added, “In addition to helping high quality teams like Caregility create economic value for their employees and shareholders,Star Mountainis also passionate about helping make the world a better and safer place and we are excited to assist Caregility in its aligned mission.”
The additional funding will be used to expand the Caregility team and allow it to continue to drive its growth initiatives across every aspect of virtual care. In addition, the company will further invest in development to accelerate numerous key initiatives that address additional virtual care workflows.This includes a new offering that will revolutionize the industry’s approach to virtual care within the inpatient setting. The new service will enable health systems to quickly deploy a fleet of endpoints without the upfront capital typically associated with healthcare technology solutions. By making it affordable to deploy hybrid care in every room, Caregility will be giving health systems the flexibility to provide a consistent experience across all their virtual care programs without risking healthcare delivery on consumer-grade technology.
“The additional investment fromStar Mountaingives Caregility the financial fuel we need to continue our aggressive growth.This investment will provide us flexibility to pursue and expand our strategic relationships as we grow the company and further develop our market leadership position,” saidMichael Brandofino, President and COO of Caregility.
To learn more about Caregility, visitcaregility.com.
Caregility (caregility.com) is dedicated to connecting patients and clinicians everywhere with the Caregility virtual care platform. Designated as the 2021 Best in KLAS Virtual Care Platform (non-EMR), our core offering is a purpose-built ecosystem for the entire healthcare continuum. Caregility provides secure, reliable and HIPAA compliant audio and video communication designed for any device and clinical workflow, in both acute and ambulatory settings. Caregility supports over 1,300 hospitals across dozens of health systems with millions of virtual care sessions supported annually. From critical and acute, to urgent and emergent, to post-acute and ambulatory, and in the home, Caregility is connecting care everywhere. Follow Caregility on LinkedIn or on Twitter at @caregility.
With~$2.5 billionin assets under management (as ofDecember 31, 2021),Star Mountaintakes a data-driven approach to investing into the North American lower middle-market through two complementary investment strategies: (i) direct debt and equity investing and (ii) secondaries (acquiring LP interests and direct assets).Star Mountainbelieves these complementary strategies provide scalable and diversified access for its institutional and high-net-worth investors to established small and medium-sized businesses that generally have at least$15 millionin annual revenues.Star Mountain’s100% employee-owned team and Collaborative Ecosystem® provides distinctive value to lower middle-market businesses as a flexible capital solution partner.
Star Mountainbelieves its focus and dedication has been productive for job creation and economic development.Star Mountainis dedicated to this large market of underserved businesses purpose-built to address the challenges and opportunities of these companies. As part of its commitment,Star Mountainhas trademarked Investing in the Growth Engine of America®.
As part of its ESG program (Environmental, Social and Governance),Star Mountain’sCharitable Foundation, a not-for-profit 501(c)3 focuses on improving lives through economic development, including job creation, health & wellness and cancer research. Notable missions include helping match veterans and women with high quality small and medium-sized business career opportunities across the country, including within Star Mountain’s portfolio.