Funding profile · Health IT and practice management

DrChrono

One company Form D in twelve years, two pooled vehicles, three debt rounds, and a $181.9 million cash exit that became public only because the buyer files with the SEC.

Data as of September 23, 2026. Company-reported figures are labeled.

Rounds at a glance

What the filings show

Reading the filings

1. The filing is bigger than the announcement.The Form D reports $4,880,186 already sold to 17 investors when it was filed on December 21, 2011. Five weeks later the press reported a $2.8 million round led by Yuri Milner. The $675,000 seed of July 2011 falls inside the same offering window, so the filed total most plausibly wraps the seed and the new money into one Regulation D offering. No amendment was ever filed. The average check is about $287,000.
2. One company filing in twelve years.drchrono Inc. filed a Form D in December 2011 and never filed another before it was sold. That is less a gap than a description of how it was funded after 2012: from lenders, not from equity sold under Regulation D. SQN Ventures put in $10 million in 2018; ORIX Growth Capital put in $20 million in 2020 and more than $12 million in 2021, and ORIX called its 2020 deal a growth capital debt investment. Debt is not a Reg D offering, so no Form D was required.
3. The small investors came in through a pooled vehicle.Two Form Ds from drchrono FC Fund I LLC, a Delaware pooled fund managed by FundersClub Management LLC, raised $401,392 from 74 investors, about $5,424 each, with minimums of $5,000 and $2,000. Those 74 people bought into a fund, not onto DrChrono’s cap table.
4. No investor ever appears on the company’s own filing.The 2011 Form D lists exactly two related persons, Michael Nusimow and Daniel Kivatinos, each an executive officer and director. No venture partner takes a board seat on any DrChrono filing, consistent with a founder-controlled business that later financed itself with debt.
5. The price lived in the buyer’s books, not the seller’s.Both November 2021 releases withheld terms. EverCommerce’s fiscal 2021 Form 10-K, filed March 15, 2022, gave the number: $181.9 million in cash. The allocation is the interesting part. Goodwill took $126.9 million, 69.8 percent; customer relationships $53.97 million, 29.7 percent; developed technology $8.48 million, 4.7 percent. The buyer valued the book of 4,600 practices roughly six times higher than the code.
6. It was funded on the revolver.EverCommerce borrowed $155.0 million on its revolver in November 2021 to fund the deal, then drew $200.0 million of term loans that month and repaid the $190.0 million revolver balance. DrChrono was the largest of its five 2021 acquisitions, which together cost $367.1 million.

Commercial signals

What to watch

• Any impairment of the $126.9 million of goodwill booked on this deal.
• Whether EverCommerce ever breaks out EverHealth revenue. It reports one segment, so DrChrono’s results since 2021 are invisible.
• Retirement of the DrChrono name. The entity is already EverHealth Solutions Inc., and the product markets itself as DrChrono by EverHealth.
• Any disclosure of what the founders received. No filing states the ownership split at sale.

The DrChrono story on Healthcare DiscoveryHealthcare Discovery

Related companies

• Ribbon Health: Shared investor: General Catalyst. An API built to answer a question the American health system keeps getting wrong: is this doctor real, in network, and reachable at the number listed
• Osmind: Shared investor: General Catalyst. An electronic health record for psychiatry practices delivering ketamine, esketamine and TMS, and a real world evidence business built on what those practices record
• ListRunner: Shared investor: General Catalyst. A Y Combinator app built to replace the paper patient list doctors carry on rounds
• Comprehend Systems: Shared investor: Start Fund. A Y Combinator company that sold software for watching clinical trials while they were still running

Sources

1. Public recordForm D, drchrono Inc., CIK 0001537488SEC · Dec 21, 2011
2. Public recordForm D, drchrono FC Fund I LLC, CIK 0001574315SEC · Jul 11, 2013
3. Public recordForm D, drchrono FC Fund I LLC, CIK 0001574315SEC · Jan 11, 2017
4. Public recordEverCommerce Inc. Form 10-K for fiscal 2021, Note 3 AcquisitionsSEC EDGAR · Mar 15, 2022
5. Public recordEverCommerce Exhibit 21.1, subsidiaries, fiscal 2021 to 2025SEC EDGAR · 2022 to 2026
6. IndependentDrchrono seed and Series A coverageTechCrunch · Jul 14, 2011 and Jan 26, 2012
7. IndependentDrChrono Raises $10M from SQN VenturesHIT Consultant · Dec 20, 2018
8. IndependentDrChrono closes $20M from ORIX Growth CapitalMobiHealthNews · Jan 13, 2020
9. IndependentDefinitive agreement to acquire DrChrono for about $180 millionS&P Capital IQ via MarketScreener · Nov 2, 2021
10. CompanyORIX Growth Capital Invests in DrChrono, and the $12M roundORIX and DrChrono · 2020 and Jul 7, 2021
11. CompanyEverCommerce acquisition and completion releasesEverCommerce · Nov 2 and Nov 18, 2021

Compiled from SEC and other public records and published reports as of September 23, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date. Healthcare Venture Capital Fund holds no position in DrChrono or in EverCommerce Inc. This page is not an offer to sell or a recommendation to buy any security.