Healthcare startup Doctor on Demand raises $74 million Series C financing from Goldman Sachs Investment Partners, others
Technology continues to disrupt traditional industries and how services are delivered to consumers. Healthcare industry is not an exception. Rising costs, growing need for better and efficient healthcare, and heightened government regulations have created forces that leave the healthcare industry “ripe for disruption.” One San Francisco, California-based is already leading the change. Doctor On Demand is a healthcare startup with mobile app that makes it possible for people to video chat with a US-Licensed physician on your iPhone, iPad or Android. The company provide fast and easy access to some of the best doctors, psychologists, and other healthcare providers.
Founded in 2012 by Adam Jackson, Jay McGraw, Phil McGraw, Doctor On Demand is the nation’s leading virtual care provider. The startup announced it has closed a $74 million round of Series C financing, led by Princeville Global and Goldman Sachs Investment Partners with participation from existing investors including Venrock, Shasta Ventures, and Tenaya Capital. The funding will support the continued rapid expansion of Doctor On Demand’s platform and further its commitment to delivering access to quality care at scale.
“This latest funding round is a strong vote of confidence in our growth, market position, and vision for a high quality, patient-centric healthcare experience,” said Hill Ferguson, Doctor On Demand CEO. “By focusing on the quality of the doctor-patient relationship and offering a unique business model that results in immediate ROI and cost savings, we’re building a new way of accessing care—for consumers, payers, and providers.”
Doctor On Demand offers immediate access to board-certified physicians, psychiatrists, and licensed psychologists via smartphones, tablets, or desktop computers. Members consistently rate Doctor On Demand 5-stars across the iTunes store and Google Play. Last year, Doctor On Demand became the first telemedicine provider to offer fully integrated laboratory services, advancing the range of services treatable via telemedicine and expanding the ability to offer chronic care management.
“Doctor On Demand is playing an important role in transforming the telemedicine industry, a market estimated to reach over $100 billion globally by 2025,” said Matt Krna, Managing Partner at Princeville Global, who will assume a seat on Doctor On Demand’s board. “By providing a superior patient experience through its seamless technology and clinical quality, Doctor On Demand is perfectly positioned for expansion. We’re thrilled to be leading the company’s Series C financing.”
Doctor On Demand has experienced triple digit year-over-year growth as it continues to transform access to high-quality, cost-effective care. With two million patients nationwide, hundreds of enterprise customers including four of the Fortune 10 companies, and over two dozen health plan partners, Doctor On Demand has become a preeminent provider of virtual care delivery and the partner of choice for organizations looking to advance patient care while managing the rising cost of healthcare delivery.
“Access to quality care that puts the consumer in the driver’s seat is critical in moving the healthcare industry forward,” said Bryan Roberts, Partner at Venrock. “Since our first investment in Doctor On Demand in 2013, we have seen the company grow exponentially and deliver a delightful experience for millions of Americans. We believe Doctor On Demand will play an important role in shaping the future of healthcare delivery and we’re thrilled to continue being a part of the journey.”
“We are excited to support the company’s mission of expanding access to quality clinical care, while at the same time creating a model that is economically aligned for patients, payers and providers alike,” said Christopher Dawe, co-head of the venture capital and growth equity team at Goldman Sachs Investment Partners. “This investment is consistent with our philosophy of backing industry leaders that are creating change across large addressable markets.”
This Series C funding is rounded out by new investors Blue Cloud Ventures and Ridgeview Asset Management, and existing investors Lerer Hippeau Ventures, Qualcomm Ventures, Sir Richard Branson, Sherpa Ventures, and World Innovation Lab. Doctor On Demand has now raised over $160 million in total funding, joining prior investors Andreessen Horowitz and Google Ventures.
Doctor On Demand is a nationwide healthcare service that provides video visits with board-certified physicians, psychiatrists and licensed psychologists via smartphones, tablets, and desktop computers. Patients can download the Doctor On Demand app or their website, and then provide a list of their symptoms, and are connected for a video visit within minutes. Prescriptions, if needed, are sent directly to the pharmacy of choice.
Doctor On Demand physicians can also order lab work, allowing for the treatment of a broader range of conditions and chronic care management. Through its 5-star rated mobile application and website, consumers can access board-certified physicians in all 50 states with an average wait time of 5 minutes, 24 hours a day, 7 days a week. Doctor On Demand delivers services through employers, health plans, and directly to consumers. While insurance isn’t required, tens of millions of Americans enjoy covered medical and mental health visits.