Healthcare security, privacy, and compliance startup MedStack has raised $3.93 million CAD ($3.1 million USD) to bolster its offering and support its expansion plans.
The all-equity round was led by existing investors Blu Venture Investors (BVI) and Telus Ventures. It saw participation from existing investor Donville Kent Asset Management, and new investors York IE, Argonautic Ventures, Archangel Network of Funds, and MFD Investments. Over half of the funding associated with this round came from new investors.
After seeing some success during COVID-19 following the rollout of the second-generation version of its platform, MedStack has secured fresh capital to grow its team and invest in product development, as it looks to take advantage of the COVID-driven growth in demand for digital health solutions.
Balaji Gopalan, MedStack’s co-founder and CEO called MedStack’s latest round a “Pre-Series A.” The round follows a $2.4 million CAD ($1.8 million USD) seed round the startup closed in early 2019, which BVI later joined, bringing the total to $2 million USD. Gopalan said MedStack will likely raise a Series A round in a couple of years and he expects the round “ to be significant” in size.
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