SaaS provider DrFirst lands $50M to grow its business

In addition to its investment, Sixth Street Growth principal Lee Mooney has joined DrFirst’s board of directors.
By Mallory Hackett
01:01 pm
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Photo: Tassii/Getty Images

Healthcare SaaS provider DrFirst collected an additional $50 million equity investment from Sixth Street Growth, following the firm’s $35 million investment from last year.

Between Six Street Growth’s contributions and another $50 million from Goldman Sachs Growth, DrFirst has raised $135 million in the past year alone.

In addition to its investment, Sixth Street Growth principal Lee Mooney has joined DrFirst’s board of directors.

WHAT IT DOES

The Rockville, Maryland-based company provides a range of software solutions for stakeholders across the healthcare spectrum, including providers, payers and life science companies. It has products for e-prescribing, medication management, care collaboration, medication adherence and price transparency.

DrFirst’s tools are used by nearly 300,000 healthcare professionals, including more than 100,000 prescribers, nearly half of the electronic health record systems in the U.S., and more than 1,400 hospitals in the U.S. and Canada, the company said in the announcement.

WHAT IT’S FOR

The investment from Six Street Growth will go towards continuing its business growth.

“The follow-on investment from Sixth Street Growth signals their deep commitment to DrFirst as we continue to bring practical, collaborative tools to market that solve daily problems among healthcare stakeholders, including clinicians, patients, hospitals, ambulatory practices, pharmacies and payers,” James Chen, CEO and chairman of DrFirst, said in a statement.

“We’re also thrilled to have Sixth Street join our Board as an innovation-minded partner that understands the value and impact of secure information sharing in improving patient outcomes.”

MARKET SNAPSHOT

A number of companies are trying to break down silos in healthcare through technology.

Last summer, care-management-automation startup Lumeon raised $30 million for its EHR-integrated Care Pathway Management platform. More recently, artificial intelligence care coordination company Viz.ai closed a funding round to support its growth into new areas of acute care.

Appriss Health recently acquired fellow care-coordination company PatientPing to bulk up its substance use disorder tools. Last month, Cohere Health raised $36 million for its collaborative care platform.

 

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