MedShare raises $1.8M through venture capital
A local developer of software for home health-care providers has raised $1.8 million in venture capital to help it boost its client base and expand into the U.S.
Created in 2005, MedShare has a client base of about 1,000 health-care workers employed by agencies in Ontario, chief executive officer J. Paul Haynes said yesterday. It hopes to boost that to 4,500 by 2008, he said.
The company provides electronic health information over the Internet and wireless devices so that health-care workers can update records and access patient information and referrals at bedsides.
MedShare employs 16 people, but plans to hire at least eight more staff in development, professional services, and sales and marketing positions, Haynes said.
The company is currently based in Guelph, but is moving to the Can-Amera Corporate Centre on Shearson Crescent in Cambridge in early May.
It only has clients in Ontario, but is courting business across Canada and plans a big push into the U.S.
Home care is the fastest growing medical market south of the border, said Haynes.
Less than two per cent of home-care workers use mobile technology, he said. That figure is expected to grow to 100 per cent in seven years.
Home care is still largely a "pen and paper business," Haynes said. Meanwhile, in hospitals and clinics "everything is driven by sophisticated IT methods."
The $1.8 million is MedShare's second round of financing. In the first round, about 16 months ago, it raised $500,000 after meeting with about 50 to 80 members of the Golden Horseshoe Angel Group.
The new funding was secured after the company met individually with investors. Mostly from Waterloo Region, they "are very experienced entrepreneurs who have invested in many firms," Haynes said.
Al Foerster, a spokesperson for the investor group, said members were impressed with MedShare's business model, innovation and execution.
"Our group will add value in both access to capital as well as providing assistance based on our many years of entrepreneurial success," he said in a statement. "We hope to be here to assist MedShare for years to come."
chowitt@therecord.com
About MedShare
MedShare is an award-winning provider of electronic health record (EHR) solutions to the North American home health care sector. The MedShare Home Care Suite provides integrated information delivery to caregivers enabling effective information sharing and collaboration. Better medical information results in improved health outcomes, reduced paper burden, and more time available for client care – improving the efficiency and profitability of home health care agencies.
For more information, visit www.medshare.com. Or contact:
Barry Billings, President, MedShare
519-821-1800 x225 or barry.billings@medshare.com
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