ZocDoc Secures $15 Million in Series B Funding to Accelerate Nationwide Coverage
Founders Fund Leads Investment with Increased Support from Khosla Ventures
New York, NY (PRWEB) July 14, 2010
ZocDoc (http://www. ZocDoc. com), the award-winning website where consumers can find and book doctor appointments online, today announced it has completed a $15 million Series B round of financing. The round was led by Founders Fund; Khosla Ventures, which led ZocDoc's Series A funding, participates in the round. The Series B funding will help ZocDoc expand its network of practitioners and accelerate its nationwide growth.
Through an easy one-step online appointment booking system, ZocDoc helps improve patient access to quality healthcare. Patients can see real-time availability of doctors in their area, confirm who accepts their insurance plan and read feedback from real patients. Most importantly, patients can book appointments instantly online, including same-day and next-day appointments. Prior to ZocDoc, patients had to wait more than 20 days on average to see a primary care physician. With the ZocDoc service, patients can find open appointments at all times searching the availability of thousands of doctors with a single click, completely transforming the patient experience.
"We are excited to be part of an amazing company that is truly reforming healthcare," said Ken Howery, Managing Partner of Founders Fund. "Since their inception ZocDoc has helped hundreds of thousands of patients obtain access to quality healthcare and we look forward to supporting their nationwide growth to provide access for all Americans. It's a major innovation in healthcare efficiency and we hope it will transform the way people interact with their doctors."
Today, patients use ZocDoc to find doctors in New York, San Francisco, Washington, D. C., and Chicago. The service offers patients more than 1 million available appointments across 20 specialties.
With the recent passage of healthcare reform, an estimated 30 million new patients will have access to healthcare while the number of doctors will remain the same. It's widely acknowledged that it will be even harder for consumers to find open doctor appointments. ZocDoc helps mitigate this problem by uncovering a "hidden supply" of healthcare by accessing doctor's schedules electronically and exposing times available from last minute cancellations which happens 10-20% of the time and typically go unfilled.
"Our mission is to simplify healthcare and make it more accessible," said Cyrus Massoumi, ZocDoc cofounder and CEO. "We are thrilled to have backing from Founders Fund; they really understand our mission, support it fully, and have already been tremendous partners for us. And we're excited to have the continued support of our existing investors, to help us expand ZocDoc across the country."
Based in Manhattan, ZocDoc is currently available in New York City, Washington D. C., San Francisco, and
Chicago. The company is expanding nationwide and is offering patients in cities across the United States an opportunity to vote at ZocDoc. com/vote on the next market launch. Since launching at TechCrunch40 in 2007, ZocDoc has been named one of PC Magazine's "Top Web Sites of 2008," won the Forbes. com's "Boost Your Business" competition, was a finalist in The Industry Standard's "Innovation100 Awards," won CNET's "Webware 100 Awards," and was named a Webby's honoree.
About ZocDoc, Inc.
ZocDoc's mission is to use the Web to make healthcare simple. For patients, ZocDoc is an online service that helps them find and book doctor and dentist appointments instantly, 24/7. For doctors, ZocDoc is an innovative channel to help them easily reach prospective patients and maximize the efficiency of their practice by filling open appointments. ZocDoc is a NYC-based start-up founded in April 2007 by serial entrepreneurs Cyrus Massoumi and Oliver Kharraz, MD, who combine to bring 9 years healthcare technology experience from McKinsey. For more information, visit ZocDoc. com, read the company's blog (blog. ZocDoc. com), follow ZocDoc on Twitter (twitter. com/ZocDoc) or find them on Facebook (facebook. com/ZocDoc). A press kit is available at ZocDoc. com/press.
About Founders Fund
Founders Fund is managed by seasoned entrepreneurs Peter Thiel, Ken Howery, Luke Nosek (co-founders, PayPal) and Sean Parker (founding president, Facebook; co-founder Plaxo, Causes, Napster) to support early-stage companies. Founders Fund has made early investments in some of the most prominent ventures of the past decade, including Facebook, Causes, Palantir Technologies, Quantcast, and SpaceX. The firm, headquartered in San Francisco, pursues a founder-friendly investment strategy that provides maximum support and minimum interference to world-class entrepreneurs.
About Khosla Ventures
Khosla Ventures helps entrepreneurs deliver lasting change through technological innovation. The firm, founded in 2004 by Vinod Khosla, co-founder of Sun Microsystems, offers venture assistance, strategic advice and capital to entrepreneurs with the audacity to take on what others may call insoluble dilemmas. Khosla Ventures' team members have known the stress of working through a crisis and the thrill of growing an idea into a multi-billion dollar company. The firm leverages that experience to help entrepreneurs turn technological risk into new opportunities. Today Khosla Ventures has one of the largest and broadest clean technology portfolios (including solar, energy storage, nuclear power, wind and high-efficiency engines), as well as holdings in traditional technology sectors such as mobility, Internet and silicon.
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