Funding profile · Healthcare payments
Collectly
A $29 million Series A, no Form D anywhere in EDGAR, and a cap table whose only public trace is somebody else’s annual report.
$34.1MTotal raised, company-reported (Jul 2023)
$29.0MSeries A led by Sapphire Ventures, Jul 2023
0Form D notices on file with the SEC
3SAP SE annual reports listing Collectly as a holding of at least 5%
Data as of September 23, 2026. Company-reported figures are labeled.
Rounds at a glance
| When | Round | Amount | Investors | Source |
|---|---|---|---|---|
| 2017 | Y Combinator, then a raise | $1.9M | Investors not named | TechCrunch |
| Jul 20, 2023 | Series A | $29.0M | Sapphire Ventures (lead); Y Combinator, Wayfinder Ventures, Burst Capital, Cabra VC, Davidovs VC | Release, confirmed by three outlets |
| Through Jul 2023 | Total capital raised | $34.1M | Cumulative company figure | Company-stated |
| Mar 26, 2026 | Acquired Pledge Health | Terms not disclosed | Pledge Health was Y Combinator backed | Release + trade press |
| 2017 to 2026 | Federal grants | None | No NIH, NSF or FDA records | Public record |
What the filings show
SAP SE · Form 20-F · filed Feb 26, 2026
- Where it appears
- Other Equity Investments exhibit, subsection “Equity Investments with Ownership of at Least 5%”
- Entry
- Collectly, Inc., Pasadena, CA, United States
- Ownership
- Percentages are given only for associates and joint arrangements; this subsection carries none
- Prior years
- The identical entry appears in the 20-F filed Feb 29, 2024 and the one filed Feb 27, 2025
- Filing
- SEC EDGAR, CIK 0001000184
Collectly, Inc. · Form D · none on file
- Company search
- EDGAR returns “No matching companies.”
- Full text, Form D
- 0 hits for the term Collectly
- Full text, all forms
- 14 hits, all SAP SE and unrelated issuers
- Implication
- The 2023 round carries no Regulation D notice under this name
- Search run
- Sep 23, 2026
Reading the filings
- A $29 million round with no Form D.A Regulation D offering requires a Form D within 15 days of the first sale. None exists under this name, and none has appeared since. The likely explanation is that the round relied on Section 4(a)(2), which requires no notice. It is not evidence the round did not happen: three outlets and the lead investor reported it the same week.
- The only SEC trace of the cap table is somebody else’s annual report.SAP SE names Collectly, Inc. under equity investments of at least 5 percent in three consecutive 20-F filings, and the same list carries a fund renamed out of Sapphire Sport. The filing sets a floor on the position and no dollar figure: that subsection reports names and locations only.
- The address in the filings is not the address in the releases.SAP’s February 2026 filing says Pasadena. The July 2026 release datelines San Francisco. TechCrunch said Pasadena in July 2023 and FinTech Futures said Santa Monica the next day. Three cities in three years is the kind of small thing that makes a name hard to search in a registry.
- No public round in three years, and no public revenue.$34.1 million was the total in July 2023 and nothing has been announced since. The company told TechCrunch it was growing revenue over 3x year over year and had run profitably for years, both unaudited.
- All of the capital is equity.There are no NIH, NSF, FDA, trial or PubMed records, as expected for a billing platform rather than a device or drug company. There is no non-dilutive layer here.
Commercial signals
| Signal | Detail | Source type |
|---|---|---|
| Regulatory posture | Terms of service bar customers from using the product for first party or third party debt collection and call the company only a technological vendor. The FDCPA reaches third party collectors, not vendors structured this way. | Company contract |
| Complaints | No CFPB consumer complaints against a company named Collectly, searched Sep 23, 2026. | Public record |
| Certification | HITRUST i1 Validated, May 2024. SOC 2 aligned controls, PCI DSS Level 1 processing and HIPAA business associate status are company-stated. | Company and certifier |
| Distribution | athenahealth Marketplace partner since at least Jan 2023; Connection Hub on the Epic Showroom since Jul 2026. | Partner and company |
| Scale | 3,000 plus facilities, 20 plus EHR integrations, more than $1 billion in patient payments, cumulative and unaudited. | Company-stated |
| Named customers | Action Urgent Care, Retina Orange County and Nexus Healthcare Solutions, per the Los Angeles Business Journal, 2023. | Independent |
What to watch
- A Form D, which would mean the next round used Regulation D rather than a private placement exemption.
- Whether Collectly stays in SAP’s 20-F. Dropping off would signal a sale, a write down or a stake falling under 5 percent.
- A priced round or a disclosed valuation. None has been public since 2023.
- Named Epic health systems, the customer class that would justify a larger round.
The Collectly story on Healthcare DiscoveryHealthcare Discovery
Related companies
Sources
- Public recordSAP SE Form 20-F, Other Equity Investments exhibit, three filings
- Public recordEDGAR company search and full text search for Collectly
- Public recordConsumer complaint database, company name search
- IndependentCollectly wants to make paying healthcare bills easier
- IndependentCollectly closes A round
- InvestorWhy we are excited to lead Collectly’s Series A
- CompanySeries A, HITRUST i1, Billie, Pledge Health and Epic Showroom releases
- CompanyTerms of service, sections 2.5 and 2.6
Compiled from SEC and other public records and published reports as of September 23, 2026. Form D notices report offerings under Regulation D; the absence of a notice does not mean no securities were sold, because offerings made under Section 4(a)(2) require no filing. Healthcare Venture Capital Fund holds no position in Collectly. This page is not an offer to sell or a recommendation to buy any security.