Minneapolis Startup mPay Gateway Now Funded to the Tune of $8m Plus


mpaygatewayMinneapolis startup mPay Gateway just raised additional capital for their web-based health care credit card payment system.   This time around it was $716k in (what appears to be) convertible debt.

“With the current shift to consumer-driven health care, patients are now responsible for a larger portion of their total health care payments,” says the website.  In essence, the product is a “payment system interfaced with existing healthcare practice management systems that secures payment from patients at the ‘point of care’.”

Involvement includes perennial names like GRP Parters (LA) and Appian Ventures (Denver), amongst other affiliated parties. The startup raised $1.5m last spring, on top of an original $6m [2] from the fall of 2008, pegging the company’s capitalization somewhere between $8m – $9m.

The first 45 days of 2011 have been hot for some Minnesota tech startups; mPay’s round marks the fifth deal of the year and approximately $7.5m in reported cumulative fundraising to date, including:  Inveni ($438k), Rapid.IO ($1.1m), Good Connective ($200k), and RedBrick Health ($5m).


  • Josh

    Great Article. It is good to see Minnesota start-ups raising capital in this market.

    Thanks for the inside scoop Jeff!