UPDATED 23:18 EST / AUGUST 20 2015

NEWS

Healthcare scheduling company ZocDoc takes $130m Series D on unicorn valuation of $1.8b

Digital healthcare scheduling company ZocDoc, Inc. has raised $130 million Series D in a round led by led by Baillie Gifford and Atomico that included previous investor Founders Fund.

The new round was raised on a valuation of $1.8 billion, giving the company unicorn status for the first time.

Founded in 2007, ZocDoc offers a free-of-charge medical care search facility for users by combining information about medical practices and doctors’ individual schedules in a central location.

Self-described as “the beginning of a better healthcare experience for millions of patients every month,” the company claims to work “to fix broken systems that get in the way of good care by uniting modern patients and doctors.”

ZocDoc users are able to use the service to find in-network neighborhood doctors, instantly book appointments online, see what other patients have to say about services provided, obtain reminders for upcoming appointments and preventive checkups, fill out their paperwork online, and more.

“Since our inception, we’ve been working to lead the healthcare experience into the digital age, and this funding will help us continue to deliver on our mission to give power to the patient,” ZocDoc founder and Chief Executive Officer Cyrus Massoumi said in a statement. “The fragmented healthcare space has produced too many broken systems that get in the way of good care. We aim to be the digital center of care that delivers the simple, seamless healthcare experience patients expect and deserve.”

Although the company doesn’t break out specific figures, their footprint in the United States covers 60 percent of the population, with  the often repeated claim that “millions of patients” are using the service to book more than 1,800 different types of procedures across more than 50 different medical specialties.

A simple revolution

The base idea behind ZocDoc is really a simple, logical one in an age where consumers expect to be able to access services online, and yet the medical profession has traditionally been laggard in its adoption of technology, not in terms of treatment but in practice management.

As SiliconANGLE’s Kristen Nicole wrote of the company some five years ago:

While I’ve always been interested in ZocDoc’s service, it’s early progress was undoubtedly slowed by the underdeveloped accessibility options for its product.

To put it simply, many medical practices and surgeries still rely on taking bookings by phone, and although many may use a computer to record those bookings, they aren’t always integrated to an online service, which is where ZocDoc comes in, creating that bridge between scheduling and patients.

Including the new round, ZocDoc has raised $227.9 million to-date. Previous investors who didn’t participate in the new round include DST Global, Goldman Sachs, Khosla Ventures, SV Angel, Marc Benioff, Vast Ventures, Jason Finger, and Jeff Bezos.

The company said it would use the new round to more heavily invest in developing products that sit on top of their core marketplace and extend beyond its hallmark scheduling capability.

Image credit: seattlemunicipalarchives/Flickr/CC by 2.0

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