San Francisco-based telemedicine provider Doctor On Demand announced today the closure of a $74 million round of Series C financing. The funding round was led by Princeville Global and Goldman Sachs Investment Partners. Previous investors including Venrock, Shasta Ventures, and Tenaya Capital also participated.
"At Doctor On Demand we’re focused on putting the patient first, and this latest funding round will continue to support our mission to drive access to consumer-first, high-quality care," Hill Ferguson, Doctor On Demand CEO, told MobihealthNews in an email. "We passionately believe that a doctor’s visit can and should be delightful, and that if we deliver on that, we’ll help reshape healthcare in this country."
The newly announced funding will be used to support expansion of the company’s telemedicine platform, according to a statement. So far more than 2 million patients across the US have used Doctor On Demand’s telemedicine services, according to the company, which also boasts over 400 employer customers and more than two dozen healthcare network partners.
“Doctor On Demand is playing an important role in transforming the telemedicine industry, a market estimated to reach over $100 billion globally by 2025,” Matt Krna, managing partner at Princeville Global, who will also be joining Doctor On Demand’s board, said in a statement. “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.”
In May of last year, the company became the first to integrate laboratory testing services to its telemedicine platform through a partnership with Quest Diagnostics and LabCorp. At that time, the company said that its services had saved its patients more than $500 million in healthcare costs and over 1 million hours in the waiting room.
The telemedicine company’s lab testing capabilities received a boost earlier this month, when the company announced that it would be using Change Healthcare’s Intelligent Healthcare Network to streamline provider workflows and offer patients more convenient access to laboratories.
"In the past, when a consumer needed a lab test, they had to go offline and wait to be told where to go," Steve Aylward, senior vice president of partner enablement at Change Healthcare, said in a statement earlier this month. "Now, this entire process can be managed within the Doctor On Demand application, with lab orders electronically routed to testing centers based on a patient's geographic location."
Other participants in the latest round of funding included Blue Cloud Ventures and Ridgeview Asset Management, as well as existing investors Lerer Hippeau Ventures, Qualcomm Ventures, Sir Richard Branson, Sherpa Ventures, and World Innovation Lab. With today’s news, the telemedicine provider has raised more than $160 million in total funding.