Montréal-based healthtech company Medfar, which provides software solutions for clinicians, has closed a $30 million CAD investment round to acquire more electronic medical record (EMR) software providers.
Investissement Québec was the sole investor of the equity financing, which Medfar classifies as a Series C minority investment. The round closed in December.
According to Medfar, the funding will be used to support the company in its mergers and acquisitions initiatives. The $30 million is “purely for acquiring more EMR companies that allow us to gain market share” as Medfar plans to expand in Canada and the United States, a spokesperson for Medfar told BetaKit.
Medfar said it plans to grow its user base to 500,000 care providers with over 500 million patients by 2030.
Founded in 2010 by aeronautical engineers Elias Farah and Patrick Issid, Medfar provides a care management platform meant to simplify clinical processes virtually or in-person. Its platform, MYLE, helps with the management of video conferencing, the patient portal, online appointment confirmation, and data analysis to streamline clinicians’ administrative work.
Since MYLE’s launch in 2013, Medfar claims it now serves over 15,000 healthcare professionals in North America, who have collectively conducted about 20 million patient visits per year. The company has also expanded its workforce to more than 300 employees throughout Canada, the United States, India, and Armenia.
In addition to organic growth, Medfar’s growth trajectory relies on making acquisitions, which are mostly of businesses that also offer healthtech solutions.
In recent years, Medfar acquired and integrated four Canadian and American businesses. This includes Plexia in 2020, which allowed the company to expand into British Columbia and the Yukon. BDC Capital and Investissement Québec made a joint investment in Medfar to fund Plexia’s acquisition, and to help Medfar pursue other short and medium-term growth opportunities.
In its mission to digitize clinics at a global scale, Medfar hopes to grow its user base to 500,000 care providers with over 500 million patients by 2030.
Medfar has raised around $56 million CAD in total funding, which includes a $25 million financing round in 2021. Its backers include Walter Capital Partners, CIBC Innovation Banking, and BDC Capital, among others.
Medfar is part of a growing space for healthtech startups looking to cash in on the electronic health records market, which is expected to reach a valuation of $30.8 billion USD globally by 2030, according to market research from Precedence Research.
Featured image courtesy Medfar.