Venture Capital News: Doctor.com Inks $5 Million Series A Financing
NEW YORK, NY, Doctor.com announced today the closing of a $5 million Series A investment from New York City-based Spring Mountain Capital.
The capital will be used to support the company as it continues to invest heavily in product innovation and client success initiatives.
'While our growth has been highly capital-efficient to-date, the time was right to bring in additional funding to support the expansion of our healthcare marketing automation platform. We are doing things that have never been done before in the industry and the demand we are seeing is phenomenal. With the rapid success of our recently-launched enterprise business and our ever-growing client base of thousands of private practices, we've never been more excited to kick off a new year,' said Andrei Zimiles, Doctor.com's Co-Founder and CEO.
'Doctor.com is the only truly holistic marketing platform that is purpose-built for healthcare organizations. We are fortunate to have an experienced, energized and talented team at every level and this financing round will allow us to continue to invest in our team, our product and further innovation,' said Gary Millin, Doctor.com's Co-Founder and Executive Chairman. 'We are pleased to be partnering with Spring Mountain Capital, whose depth of domain experience will be vital as we enter this next phase of growth.'
'More and more, patients are seeking information online before choosing a physician or dentist. Doctors are attempting to adapt to this significant change in healthcare consumption and are motivated to ensure that their online profiles are accurate and their online reputations are properly maintained; however, they are finding themselves ill-equipped to do so,' said Raymond Wong, Managing Director and Head of Spring Mountain Capital's Private Equity Group, 'Doctor.com is uniquely positioned to solve this growing problem for healthcare organizations and we are pleased to partner with the team to continue to drive innovation in healthcare marketing.'
Doctor.com's SaaS platform helps healthcare organizations of all sizes acquire, retain, and engage patients. As part of its differentiated offering, Doctor.com has established partnerships with the leading physician directories and local search sites to syndicate listing data, appointment booking functionality, and patient reviews directly to their sites and apps. This gives Doctor.com clients complete control over their digital footprint and the ability to automate the time-consuming data updates necessary to ensure compliance, reduce risk, and provide accurate information to patients.
Late last year, the company completed work on its new marketing automation platform, which ties together all of its core services and introduces intelligent patient messaging across email, text message, and voice calls. Doctor.com's new platform also features more sophisticated reporting and dashboards designed for large healthcare organizations with thousands of providers and locations.
Doctor.com is the leading provider of cloud-based marketing automation solutions built specifically for healthcare industry. More than 20,000 providers rely on the company's services to acquire new patients, develop and protect their online reputation, and maintain a strong digital presence everywhere patients search. Solutions include ProfileSync, a platform that automates the management of facility and provider data across the most popular doctor directories and local search sites; ScheduleSync, which distributes a modern online booking experience to the same network of sites; and ReviewHub, a point-of-care device that captures and distributes authentic patient reviews. Doctor.com was founded in 2012 and is headquartered in New York City. For more information, visit: www.doctor.com.
About Spring Mountain Capital
Founded in 2001 and located in New York City, Spring Mountain Capital, LP ('SMC') is a private investment management firm that focuses on alternative asset investing. SMC's Private Equity Group provides expansion stage capital to lower middle market companies that are capitalizing on breakthrough innovations, paradigm shifts, or fundamental market or behavioral changes. The Private Equity Group at SMC focuses on two sectors of the U.S. economy with the most change and highest growth potential: technology-enabled and healthcare businesses. Within these high growth areas, it seeks to make value investments by capitalizing on market dislocations, information asymmetry, illiquidity, and complexity. For more information, visit: www.springmountaincapital.com.
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