Indianapolis med-tech firm GeoH closes on $3M seed plus round
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GeoH Inc., a home care software-as-a-service company headquartered in Indianapolis, has closed on a $3 million series seed plus round of funding, the company announced Thursday.
The round was led by a $2 million contribution from Boomerang Ventures, with participation from VisionTech Partners, First Leaf Capital, Digital Venture Partners, and individual investors.
GeoH has developed a software platform that provides scheduling, payroll, billing, reporting and analytics, notifications, and user management capabilities for home care agencies, managed care organizations and state aggregators.
“We are thrilled to have the support of our investors as we enter this next phase of growth,” CEO Tom Bumgardner said in a news release. “This funding will enable us to expand into skilled care, broaden our geographic reach throughout the Midwest and Southeast, and enhance our tech-enabled platform to better serve our clients.”
Additionally, GeoH plans to use the funds to support strategic merger and acquisition opportunities and grow its workforce in its sales and marketing, development, and services divisions. However, a specific number of potential new jobs was not provided.
The seed plus round comes nearly two years after GeoH closed on a $2 million seed round, which was led by VisionTech Partners and also included participation from Boomerang Ventures and First Leaf Capital.
Since that time, GeoH has increased its workforce by 280%, Bumgardner said. The company currently has 40 employees with plans to expand its workforce by 10% to 15%.
Bumgardner added that revenue has increased nearly fourfold over the last year.
“We are excited to lead this round in support of the success that GEOH has experienced since our initial investment in late 2022,” Boomerang founder and Managing Partner Oscar Moralez said. “We applaud the hard work and dedication by the entire team at GEOH. They are clearly meeting a significant need in the market.”
GeoH was founded in 2017 and said its software has benefitted nearly 6,000 caregivers and 300 agencies nationwide.