Dublin-based start-up MedoSync, which specializes in medical billing, has successfully raised €1.1m in the first stage of a funding round aimed at supporting its expansion across Europe. Co-founded by A&E doctor Martin Rochford, the company plans to secure an additional €1m toward the end of the year through the Irish government’s Employment Investment Incentive Scheme (EIIS). This initiative allows investors to claim up to 40% of their investment back in tax relief. MedoSync has already participated in a German accelerator program focused on improving payment processes in the healthcare insurance sector, and it plans to target the German healthcare market, worth €400bn. Prominent investors in the current funding round include Enrique Curran, owner of Camino Capital, and JP Sisk, director of the Sisk construction group. The second stage of the funding round, which will take place between October and December, will be directed towards medical consultants and other professionals within the industry. MedoSync aims to use the funds to prepare for the European market while expanding its services in Ireland. The company’s platform streamlines the billing process by consolidating data on patient treatments within hospitals, leading to faster and more accurate insurance payments. Since its launch in 2021, the platform has already generated tens of thousands of invoices, with the potential to save hospitals between 6% and 9% of revenue lost due to billing system inefficiencies. This latest funding round follows a successful raise of €1.2m in 2021, which included backing from Enterprise Ireland.
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