Nitra raised a seed round from leading investors including Andreessen Horowitz, NEA, Pantera, KB Financial Group, Jerry Yang, Will Smith’s Dreamers VC, CoVenture and others.
NEW YORK, Aug. 23, 2022 /PRNewswire/ — Nitra, a fintech company founded by successful serial entrepreneurs, announced today that it has raised $62 million in equity and debt capital from leading investors including Andreessen Horowitz (a16z), New Enterprise Associates (NEA), Pantera Capital, KB Financial Group, Jerry Yang/AME Cloud Ventures, and Will Smith’s Dreamers VC, with CoVenture providing the debt facility. Other participants in this initial round include Primer Sazze Partners, SparkLabs Taipei & Global, Dunamu, Expa, Soma Capital, Slope Capital, K50 Ventures, 8090 Partners, Comma Capital, Gaingels, and Gold House Ventures.
Nitra was founded with a mission to bring modern financial products, integrated medical software, and supply chain solutions to practitioners and physicians in the healthcare industry. The financing will be used to scale the team, accelerate growth, and launch new products.
“We are excited to bring the transformational and disruptive digital finance technologies of Silicon Valley to new verticals,” says Jonathan Chen, Nitra’s Founder and CEO. “Our goal is to partner with practitioners to provide an ecosystem that combines innovative fintech and cutting-edge software solutions to help doctors better manage their practices and better focus on their patients.”
With the raise, Nitra is launching its first product, a Visa Business card customized for the healthcare industry that allows physicians to earn unlimited rewards on common practice expenditures – medical and surgical supplies, office and business spend, and dining. The card comes at no annual fee and is underpinned by sophisticated spend management, business analytics, and reconciliation software that demonstrates the innovative, customer-centric solutions the company is creating for the healthcare industry. With upcoming plans to expand their suite of financial services products and build customized healthcare-specific software tools to support practices and hospitals across the country, Nitra is just beginning its journey as a mission-driven startup addressing the vital needs of doctors and their practices.
Tim Hwang, Chairman and CEO of legaltech unicorn FiscalNote – which he co-founded with Chen – will serve as the Chair of Nitra’s Board of Directors while continuing his role at FiscalNote. “The next wave of fintech will be dominated by vertical software companies who deliver customized and differentiated financial products for industries,” said Hwang, “Having worked with Jonathan in the early days at FiscalNote as a co-founder, I have confidence that Nitra and its management team are ready to take advantage of this transformation for the $4 trillion healthcare industry in the United States.”
“The Nitra team has strong experience building and scaling tech companies in regulated environments and is uniquely positioned to make an impact on the massive and largely outdated B2B payments market,” said Rick Yang, general Partner and Head of Consumer Investing at NEA. “We’re thrilled to support Nitra as they work to usher in a new generation of services at the intersection of financial services, software, and healthcare.”
Nitra has also partnered with a large network of suppliers and vendors in the healthcare industry like Jaanuu, PatientPop, Betty Mills, DirectShifts, Vitality Medical, OhMD, LendingUSA, and others to bring an unparalleled network of supporting partners across the country and deliver seamless transaction experiences on its platform.
Headquartered in New York with a presence in San Francisco, Nitra has been on a hiring spree to support the growing healthcare market and is joined by an ambitious and experienced leadership team from Amazon, American Express, Dropbox, Facebook, Citi, Lyft, DoorDash, AvidXchange, and PayPal. They are supported by an expert group of advisors such as Sam Wen, the cofounder of Square, former Governor of Maryland Martin O’Malley, Dr. Richard Park, the founder of CityMD, Ryan Howard, the founder of EHR software company PracticeFusion, Raymond Stern, former Chief Marketing Officer of Intuit/TurboTax, and Dr. Lester Zuckerman, Founder of the National Spine & Pain Centers.
Nitra is actively hiring across various roles and functions and looking for top-tier individuals to help execute on its mission.