Mobile and online appointment booking platform ZocDoc has raised $130 million in the company's first investment round in two years. Baillie Gifford and Atomico led the round, with additional participation from existing investor Founders Fund.
“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 CEO 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 it was reported last summer that ZocDoc was seeking an additional $150 million in funding, the company hasn't publicly announced any new investment since it issued a convertible debt note for $55 million in 2013. Its last round was a $75 million one way back in September 2011 from Goldman Sachs and DST Global.
In its statement, ZocDoc says the decision to raise money again now is related to its intention to expand it offering beyond appointment booking.
"The company will more heavily invest in developing products that sit on top of ZocDoc’s core marketplace and extend beyond its hallmark scheduling capability," the company wrote in a statement. "These products will remain focused on solving patient problems and facilitating even more patient interactions within the healthcare ecosystem."
ZocDoc’s original service, which is available on iOS and Android devices, is targeted at consumers. The app asks for a user’s zip code and insurance provider and then lists nearby doctors and their availability. Users can then select a time to complete the appointment booking. Since October 2012, ZocDoc has also offered a check-in feature so that patients can also send over a basic medical history before they arrive instead of filling out the medical history clipboard.
In June 2014, shortly after the announcement of the new funding raise was filed, ZocDoc launched a premium service that employers can offer their employees, called ZocDoc for Business. This was ZocDoc’s first offering for employers. ZocDoc for Business launched with a handful of customers, including Foursquare, Gilt, IAC, Jefferies, NASDAQ OMX, and Quirky.
In the past, ZocDoc has been floated as a company likely to IPO soon, but last year Massoumi told Forbes the company was in no hurry to go public. The company also reportedly turned down a $300 million purchase offer from Aetna back in 2011.