What You Should Know:
– Zocdoc, the country’s leading digital healthcare marketplace, today announced $150 million in growth financing from Francisco Partners.
– The funding follows Zocdoc’s successful transition to a fee-per-booking model, which has dramatically fueled its expansion into telehealth, vaccine scheduling, and national television advertising. The company has quickly become one of the country’s largest telehealth platforms, with more than 10,000 providers offering nearly one million video visit appointments across 100 specialties.
– The company will use the latest round of funding to further invest in sales, marketing, and product development. These investments will strengthen the company’s position as the only large-scale digital health platform that supports hybrid care (both physical and virtual care services), a concept that is increasingly important to patients across the country.
– 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.