Funding Focused on Accelerating Customer Growth and Product Development
Loyal (the “Company”), a healthcare technology company focused on digital patient engagement, today announced it has closed on a $33.5M Series B financing. The round included support from existing investors, Concord Health Partners and multiple strategic investors. The financing is expected to provide resources to expand the Company’s customer base and product development, support customer success and accelerate growth.
As part of the funding, the Company also announced changes to its executive leadership team to support the Company’s strategic vision for growth and scale. Loyal Founder Chad Mallory has decided to step down from his position as Chairman and CEO, with the full support of the Board, to transition into a Senior Advisor role, effective July 26. Saurabh Sinha, Founder and Chairman of the Board of Directors of Emids Technologies, has been appointed Chairman of the Loyal Board of Directors and will help lead an effort to recruit additional expertise to Loyal and build on the success of the Company. Additionally, Mark Hipp has joined the Loyal Board of Directors, bringing extensive experience in advising high-growth technology enabled businesses.
“Loyal fills a critical gap in consumer care navigation and represents a huge opportunity to improve the lives of patients and the healthcare experience for all,” said Sinha. “I’m delighted to join Loyal’s Board of Directors as Chairman and to help guide the Company’s strategic priorities as it continues to scale.”
Loyal’s consumer engagement platform supports health systems’ efforts to identify and create greater efficiencies by consolidating disparate technology stacks, providing access for more patients and in turn, driving more revenue to sustain and grow operations. Loyal’s engagement platform aligns with health systems’ goals with a track record of continued revenue growth and a customer base of 38 health systems.
“The combination of additional capital and the expertise of the Company’s new leadership creates continued excitement around the future of Loyal,” said James Olsen, Founder and Managing Partner of Concord Health Partners. “This moment is about putting the right capital, people and plan together to build on the initial vision and achievements of Chad and the broader Loyal team. We have enjoyed working with Chad as CEO and look forward to his continued support as a Senior Advisor.”
“My vision from day one at Loyal was to help patients navigate their way to better care. I couldn’t be more proud of the work we’ve done and the people that made the vision real,” Mallory said. “I’m hopeful Loyal’s next phase can help even more patients lead their healthiest lives.”
For more information about Loyal, visit: LoyalHealth.com.
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