MedTrainer Announces $43 Million Series B Funding Round Led by Vista Equity Partners
MedTrainer, healthcare’s leader in credentialing, training, and compliance management, announced a $43 million Series B investment led by Vista Equity Partners, a leading global investment firm focused exclusively on enterprise software, data, and technology-enabled businesses. Existing investor Telescope Partners also participated in the round. The investment will be leveraged to accelerate MedTrainer’s growth trajectory through talent acquisition, product expansion, and partnership development.
Founded in 2013, MedTrainer is the cloud-based software solution of choice for more than 15,000 healthcare facilities and 300,000 healthcare professionals across North America. The company provides a unique, all-in-one compliance platform that drives higher revenues, streamlines workflows, and eases employee onboarding. MedTrainer is also rapidly expanding its partnership base consisting of local associations all the way through fortune 10 companies in order to fulfill its mission of simplifying compliance.
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“Today’s announcement leapfrogs MedTrainer forward in an industry that is ripe for disruption,” said Steve Gallion, Co-founder, and CEO, MedTrainer. “Our team is driven by outcomes, innovation, and modernizing healthcare compliance for our customers. We believe in a world where learning, credentialing, and compliance are easy for healthcare professionals, and Vista and Telescope’s investments enable us to expand our product and automation capabilities and fuel our partnership acceleration for the benefit of the healthcare industry.”
The investment in MedTrainer was led by Vista’s Endeavor Fund, which provides growth capital and strategic support to market-leading, high-growth enterprise software, data, and technology-enabled companies that have achieved at least $10 million in recurring revenue. After increasing its customer base by over 50% and expanding its partnership ecosystem, the funding round follows an exciting period of growth for MedTrainer over the last 12 months. Abhay Puskoor, Senior Vice President at Vista, will join MedTrainer’s Board of Directors effective immediately.
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“With the unprecedented stress the pandemic has placed on the healthcare system, coupled with the Great Resignation’s impact on the sector, MedTrainer’s solutions have proved critical by allowing healthcare professionals to focus on serving patients,” said René Stewart, Co-Head of Vista’s Endeavor Fund and Senior Managing Director. “With a proven track record of assisting organizations with tracking and managing the employee onboarding, learning, and compliance processes, MedTrainer is well-positioned to accelerate investments to further advance their vision to deliver the leading comprehensive compliance platform for healthcare providers, particularly at a time when the healthcare industry has seen a great deal of disruption.”
Telescope Partners was instrumental in MedTrainer’s early growth with its $11 million Series A funding in 2019.
“MedTrainer has experienced tremendous growth since our initial Series A investment, which made reinvesting a priority for our team,” said Mickey Arabelovic, Founder, Telescope Partners. “The impact and speed at which MedTrainer is solving problems in healthcare couldn’t come at a more needed time for the industry.”
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