With 1 in 3 US doctors as members, Doximity, the professional network for doctors, today announced closing a $54 million Series C fundraising round. The Series C round was co-led by DFJ with participation from funds and accounts managed by Morgan Stanley Investment Management and returning investors Emergence Capital Partners, Morgenthaler Ventures and InterWest Partners. This round brings the company’s total funding to date at $81 million.
Doximity offers a suite of free professional tools dedicated to making the practice of medicine easier and more connected for doctors. A new physician signs up every three minutes to use the service’s secure mobile collaboration platform and to receive targeted career opportunities and personalized medical news alerts. In just three years since its launch, Doximity has attracted a physician membership larger than that of the American Medical Association (AMA).
Doximity has more than tripled its user base since its last funding round in September 2012 and had its first cash-flow positive month in January 2013. With an average of 20,000 peer-to-peer physician messages sent daily, the company is on track to have half of US physicians as members by this summer.
Supporting career mobility in medicine
Doximity has seen significant interest in early launches of career advancement tools for physician members and plans to expand this development in 2014. Unlike other professions, it’s often time consuming for doctors to change jobs. Finding the right position can be difficult, and job transitions often take months to process due to credentialing and licensing hurdles. Telemedicine and part time work can be even more complex. Doximity is simplifying this process by creating credential portability tools and network-powered recruitment services that help physicians navigate the increasingly complex healthcare landscape. More than 100,000 tailored job offers have been sent to Doximity members since the recruiting product launched in January 2013.
“For real change in healthcare, we need to first have a connected network of doctors and healthcare providers on one platform,” said Rebecca Lynn, Partner at Morgenthaler Ventures. “It is a winner-take-all proposition and Doximity is clearly the emerging winner.”
Doctors interested in joining the Doximity network are invited to learn more at www.doximity.com
