Zocdoc raises $150 million

Feb 12, 2021 · 2 mins read
Zocdoc raises $150 million
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According to the release on PR Newswire:

Zocdoc, the country’s leading digital healthcare marketplace, today announced $150 million in growth financing from Francisco Partners, a leading global investment firm that specializes in partnering with technology businesses. This follows a momentous year for the company, characterized by a successful transition to a profitable variable revenue model which has led to accelerating growth. Zocdoc grew revenue by more than 35% year-over-year before the pandemic, and had year-over-year growth in 2020 despite COVID-19’s disruption. Today, Zocdoc is profitable and on track to accelerate its pre-pandemic growth trajectory. The company will use the capital to further propel its rapid growth, deepening its investments in sales and marketing, and expanding the products available through its platform.

Zocdoc has long been the leader in online scheduling for in-person doctors’ appointments. However, as the pandemic dramatically accelerated the adoption of telehealth, Zocdoc rapidly adapted its marketplace. The company successfully expanded into telehealth, making it a rare digital health platform that supports hybrid care: both physical and virtual care services. By aggregating millions of in-person and video visit appointments across a nationwide provider network, Zocdoc is distinctly positioned to become the front door to healthcare.

Most recently, the company leveraged its core technology and 13 years of healthcare scheduling expertise to introduce Zocdoc Vaccine Scheduler. This new service is designed to help cities, states, and healthcare providers centralize and streamline vaccinations. The company is offering this new solution free of charge to help accelerate public health efforts. Zocdoc Vaccine Scheduler has already been adopted by the City of Chicago and health systems around the country to help fast-track vaccinations.

“Today, Zocdoc is the rarest type of private technology company: we are profitable with accelerating growth, and we are a business that does real good for the world,” said Oliver Kharraz, M.D., Zocdoc founder and CEO. “The last year has demonstrated that Zocdoc is poised to have a transformative impact on healthcare in this country. From our rapid expansion into telehealth to our efforts in helping cities and health systems distribute vaccines, our work remains focused on giving power to the patient. I have never been more proud of the Zocdoc team or more excited about our future.”