CoFi Raises $3.5 Million to Support Expansion of Its Multi-Party Payment Platform for Premium Elective Ophthalmic Surgeries
CoFi announced it has closed a $3.5 million seed funding round to finance support of its current customer base as well as expansion into new eye are practices.
“We are thrilled to close this funding round with investors who are strategically accretive to our business,” Sean Hanlon, CoFi’s founder and CEO, said in a company news release. “Our platform is unique in that it enables patients to pay multiple providers involved in a surgical procedure or health care service at once. CoFi makes the payment experience more convenient for both patients and providers, while also helping to facilitate compliance by ensuring that patients directly pay each provider. We look forward to growing our sales, marketing, and product teams to support our ophthalmology, optometry, and ambulatory surgery center (ASC) customers, as well as expand our presence throughout the vision space.”
The funding round was led by Las Olas Venture Capital (LOVC) and includes investments from Synchrony Ventures and a syndicate of angel investors who have previously invested in the company.
Elective ophthalmic procedures, such as premium cataract and LASIK procedures, often involve multiple providers—the surgeon, ASC, and co-managing optometrist. Today, either patients make multiple payments to different providers at different points in time, or surgeons risk compliance issues by collecting for and remitting payment to their surgical partners. With CoFi, patients separately pay each provider at once. Since its product launch just over 2 years ago, more than 2,500 eye surgeons, optometrists, ASCs, and anesthesia providers are using the CoFi platform, according to CoFi.
“CoFi shares Synchrony’s commitment to deliver seamless, transparent payment experiences for patients and providers,” said Josh Aycock, Principal at Synchrony Ventures, the venture arm of Synchrony. “This investment builds on our partnership to integrate Synchrony’s CareCredit, a leading provider of patient financing solutions, into CoFi’s network. We look forward to investing in this solution to empower patients through their healthcare payments journey.”