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Doximity Raises $54 Million to Connect Every Doctor in the US
|By Business Wire
|April 29, 2014 07:32 AM EDT
the professional network for doctors, today announced closing a $54
million Series C fundraising round co-led by DFJ and funds and accounts
managed by T. Rowe Price Associates, Inc. Funds and accounts managed by
Morgan Stanley Investment Management also participated in the round as
new investors. With over 1 in 3 US doctors as members, 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.
The fastest-growing social network for doctors
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).
“It’s rare to see lightning strike twice,” said Konstantin Guericke,
co-founder of LinkedIn and Doximity board member. “Doximity is proof
that, due to their specialization, vertical networks can add a lot of
value to their members and can be great businesses, too."
Vertical social networks are gaining increased attention from investors.
In addition to Doximity, legal network Avvo, neighbor network Nextdoor,
and IT network Spiceworks have recently raised new funding.
Doximity has raised $54 million in a Series C fundraising round,
bringing the company’s total funding to $81 million.
DFJ and funds and accounts managed by T. Rowe Price Associates, Inc.
co-led the round, with participation from funds and accounts managed
by Morgan Stanley Investment Management and returning investors
Emergence Capital Partners, Morgenthaler Ventures and InterWest
More than 100,000 tailored job offers have been sent to Doximity
members since the recruiting product launched in January 2013.
An average of 20,000 peer-to-peer physician messages are sent through
Doximity on a given business day.
The company is on track to have half of US physicians as members by
Henry Ellenbogen, Portfolio Manager at T. Rowe Price
Associates, Inc. - “For an early stage company, Doximity has
demonstrated mature revenue and a clear path forward towards long-term
success. Healthcare is not a niche, it’s a sector, and as a sector
it’s incredibly large. It’s exciting to see Doximity bringing the best
of social media to this significant market.”
Josh Stein, Partner at DFJ - "Our 15+ years of backing
enterprise and healthcare investments in Box, Epocrates and
Athenahealth gave us strong conviction that Doximity is on track to
become the winner in healthcare technology. We seek to partner with
companies that are thinking big about huge disruptive markets, and
we’re thrilled to partner with Doximity as it works to achieve the
next phase of its growth."
Jeff Tangney, Doximity CEO and founder - “Our success is built
on solving small problems for doctors every day. With T. Rowe Price
and DFJ on board, we look forward to continuing our work to make
physicians more connected and successful.”
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.
"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.
Launched in 2011, Doximity (www.doximity.com)
connects physicians to make them more successful and productive. With
more than 1 in 3 U.S. physicians as members, collaborating across every
specialty and academic medical center, Doximity is the largest secure
medical network on the Internet. Doximity is headquartered in Silicon
Valley and was created by the founders of Epocrates (NASDAQ: EPOC), now
owned by athenahealth, Inc. (NASDAQ: ATHN).
About T. Rowe Price
Founded in 1937, Baltimore-based T. Rowe Price Group, Inc. (NASDAQ-GS:
TROW) is a global investment management organization with $711.4 billion
in assets under management as of March 31, 2014. The organization
provides a broad array of mutual funds, sub advisory services, and
separate account management for individual and institutional investors,
retirement plans, and financial intermediaries. The company also offers
sophisticated investment planning and guidance tools. T. Rowe Price’s
disciplined, risk-aware investment approach focuses on diversification,
style consistency, and fundamental research. For more information, visit troweprice.com,
or Facebook (fb.com/troweprice).
DFJ is a venture capital firm that partners with extraordinary
entrepreneurs who set out to change the world. Since 1985, DFJ's core
funds have raised $4B, which has been deployed in more than 300
portfolio investments including AdMob, Baidu, Box, Foursquare, Skype,
Hotmail, SpaceX, Tesla Motors, SolarCity, Twitter, Tumblr and Yammer.
DFJ works with companies at seed, early and growth stages, with the goal
of creating iconic and lasting businesses. DFJ pioneers investing in
emerging markets including consumer and enterprise information
technology, digital media, and disruptive technologies. Learn more at dfj.com.
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