Cedar

Cedar sells a patient billing, payments and engagement platform to health systems, hospitals, physician groups and other providers. Its products include Cedar Pay for patient payments, Cedar Cover for insurance benefits and financial assistance, Cedar Support (an AI voice agent) and the Kora engagement platform. Florian Otto is co-founder and chief executive and Arel Lidow is also a co-founder; the company is headquartered in New York. Cedar reports serving 50 million patients and processing $13.6 billion in patient payments, with customers including Novant Health, Yale New Haven Health, ChristianaCare and Sanford Health.

On June 25, 2018, Cedar announced a $36 million Series B led by Kinnevik, with Founders Fund, Thrive Capital, Lakestar, Sound Ventures and angels Kevin Systrom and Nat Turner. At that point it served nearly 100,000 patients. On June 22, 2020, it announced a Series C of more than $102 million led by Andreessen Horowitz: $77 million in equity and $25 million in venture debt from JP Morgan, with Kaiser Permanente, Kinnevik, Thrive Capital, Lakestar and Founders Fund participating, bringing total capital to $157 million. Scott Kupor of Andreessen Horowitz joined the board, and Concord Health Partners later invested in the round. On March 9, 2021, Cedar closed a $200 million Series D led by Tiger Global Management with Andreessen Horowitz, Thrive Capital and Concord Health Partners, at a $3.2 billion valuation, taking total funding past $350 million.

Two months later, on May 13, 2021, Cedar agreed to acquire OODA Health, a payer and provider connectivity company, for $425 million. OODA co-CEO Seth Cohen became Cedar's president and joined its board, and Otto remained chief executive of the combined company. Cedar has stayed private and independent. In August 2026 it launched an agentic platform aimed at collecting patient balances, and it continues to describe Thrive Capital, Founders Fund, Kinnevik, Andreessen Horowitz and Tiger Global as investors. No priced round after the 2021 Series D appears in Cedar's own announcements.

For investors, Cedar shows healthcare providers and health plans investing alongside venture funds, with Kaiser Permanente and Concord Health Partners joining the cap table, and it shows a company using the capital from a 2021 peak-cycle round to make a $425 million acquisition within two months of closing it. Thrive Capital and Founders Fund backed the company before its Series B, Kinnevik led at the growth stage, and Andreessen Horowitz and Tiger Global led the larger rounds. No liquidity event has been announced, so returns at the $3.2 billion mark remain unrealized more than five years after the Series D.