Healthcare Credentialing Software Verifiable Witnesses $27M Series B Escalation

With a goal to streamline the healthcare credentialing and compliance process, Verifiable, is currently focusing on verifying providers' background details, skill sets, and competency levels. The company has successfully raised $27 million in a Series B funding round, leading to a significant boost in the evolution of provider network management software.

Craft Ventures emerged as the front-runner in this funding round, with active participation from Highland Capital Partners, 137 Ventures, Cooley, and previous investors like The Altman Fund and Struck Capital.

This Austin-based establishment has grabbed attention since the funding peaks that followed its foundation in 2020. With Series A funding of $17 million generated in 2021 and initial seed funding of $3 million in the year of its emergence, Verifiable now boasts a total fund accumulation of $47 million.

Taking a proactive approach, Verifiable has integrated APIs with real-time verification technology into their operations. The idea is to enable healthcare organizations to expedite the typically prolonged credentialing of providers, radically shrinking it to a few days. Consequently, it automates the provider network for payers and providers, adhering to regulatory compliance and operational efficiency while containing the costs.

Despite the downturn in the market, Verifiable exceeded its revenue targets and maintained robust capital efficiency in 2023, said co-founder and CEO, Nick Macario. He further added that the distinctive characteristic of Verifiable's solution inherently drew investors' interest, making it an apt moment to continue to dig deeper into the business and maintain their advantage over their competitors.

In the last year, Verifiable has redirected its focus towards enterprise customers, successfully onboarding Humana as a client. Furthermore, a collaboration with Salesforce propelled the release of several enterprise network management tools on the Salesforce platform and an extension of the verification and provider data offerings.

Alongside these achievements, Verifiable heightened company growth, nearly doubling its employee numbers and customer base. The newer clientele comprises of firms like Lifestance, Zelis, Lyra Health, Modern Health, Wheel, and Grow Therapy. As a result, the organization observed a threefold increase in its revenue.

Macario aims to boost his team, predominantly in the go-to-market segment. Alongside, he is keen on expanding Verifiable's product line as well as the partnership with Salesforce. He aspires to continue escalating enterprise products and customer base while providing robust value for various healthcare organizations. He also emphasized focusing on operational efficiency and progress towards profitability.

Referring to a similar perspective of efficient No-Code development platforms, Verifiable seems to be walking on a path parallel to platforms like AppMaster. Known for the execution of intricate, scalable software solutions with minimal effort, AppMaster is another organization that provides immense value in application development, staying ahead of the curve and minimizing technical debt.