Sunbound Secures $24 Million in Series A Funding Led by TTV Capital

Sunbound Raises $24 Million in Series A Funding

Sunbound, a Washington, D.C.-based company specializing in automating payments, claims, and cash flow for assisted living and skilled nursing facility operators, announced it has raised $24 million in a Series A funding round. The round was led by TTV Capital, with participation from Bling Capital, Fika Ventures, Live Oak Bank, and Ziegler Linkage Fund.

Strategic Acquisition of Richter Healthcare Consultants

Alongside the funding announcement, Sunbound has acquired Richter Healthcare Consultants. This acquisition combines Sunbound's AI-powered revenue management technology with Richter's extensive experience in the post-acute and senior living sectors. Jennifer Richter, CPA, the founder and CEO of Richter, will join the combined company to focus on industry partnerships and product strategy.

Sunbound's platform is designed to assist operators in reducing days sales outstanding (DSO) and bad debt while reclaiming over 40 hours of administrative work per month. The addition of Richter is expected to enhance Sunbound’s capabilities in skilled nursing, a complex area of post-acute billing.

Use of Funds

The newly acquired funds will be used to accelerate business growth and further product development. Sunbound aims to leverage this capital to enhance its end-to-end revenue cycle management platform, which boasts a 99% claims collection rate and a 96% first-pass acceptance rate.

Executive Insights

Manny Cominsky, Co-founder and CEO of Sunbound, and Stuart Mason, Co-Founder and CIO, continue to lead the company through its expansion. Cominsky noted the strategic importance of combining forces with Richter, stating that it positions Sunbound to process an annualized payment volume of $3 billion.

Existing customers of both Sunbound and Richter will experience no interruptions in service, and the integration aims to provide enhanced service offerings in revenue cycle management, accounting, and clinical consulting.

Conclusion

With the completion of this funding round and the strategic acquisition of Richter, Sunbound is set to advance its mission of improving financial operations for senior living and skilled nursing operators.