Zocdoc raises $150 million
New York-based digital healthcare marketplace Zocdoc announced $150 million in growth financing from Francisco Partners, a global investment firm that specializes in partnering with technology businesses. The company provides online scheduling for both physical and virtual care services.
Most recently, the company introduced Zocdoc Vaccine Scheduler. This new service is designed to help cities, states, and healthcare providers centralize and streamline vaccinations. The company is offering this new solution free of charge to help accelerate public health efforts. Zocdoc Vaccine Scheduler has been adopted by the City of Chicago and health systems around the country to help fast-track vaccinations.
“Today, Zocdoc is the rarest type of private technology company: we are profitable with accelerating growth, and we are a business that does real good for the world. The last year has demonstrated that Zocdoc is poised to have a transformative impact on healthcare in this country. From our rapid expansion into telehealth to our efforts in helping cities and health systems distribute vaccines, our work remains focused on giving power to the patient. I have never been more proud of the Zocdoc team or more excited about our future.” – Oliver Kharraz, M.D., Zocdoc founder and CEO.
“Zocdoc is a remarkable company that is well positioned to be consumers’ one-stop-shop for all their healthcare needs, and we’re proud to work with them to fund their next chapter. We’ve been incredibly impressed by the pace of Zocdoc’s innovation and growth, as well as the company’s invaluable contributions to improving America’s healthcare system – including supporting the needs of patients amid the COVID-19 pandemic.” – Scott Eisenberg, Head of Credit and Structured Solutions at Francisco Partners.
In 2018, the company transitioned from a flat subscription model to the current, fee-per-booking model that enabled it to lower the barrier to entry for providers, accelerating the growth of providers on its platform. According to Zocdoc, the company has grown its healthcare provider network by 50 percent in the first states that transitioned to its new model, and other states are following a similar trajectory.