ZocDoc scoops up $50 million in funding

By: Brian Dolan | Aug 2, 2011        

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ZocDocZocDoc, makers of an appointment-scheduling mobile app, announced this week a $50 million Series C investment from DST Global, bringing total investment in ZocDoc to $70 million. The company plans to use the funding to expand into new markets and grow its patient and doctor user base.

ZocDoc allows patients to find nearby doctors who accept their insurance, then book appointments, via Android and iOS apps, as well as a web-based interface. The service is free for patients, while doctors pay a $250 monthly fee to fill open appointments.

“Given the well-documented need for change in the healthcare system, both in the U.S. and worldwide, ZocDoc brings much-needed transparency and efficiency to an immense industry that’s long been difficult to navigate,” stated Yuri Milner, founder of DST Global, in a press release. “We look forward to a future in which ZocDoc is the platform for empowered patients to manage all of their care online.”

ZocDoc claims that the service is currently used by nearly 700,000 patients each month, in nine major metropolitan areas.

Read the full press release below.

ZocDoc, a service dedicated to improving access to healthcare, today announced a $50 million Series C investment from DST Global. This round of funding brings total investment in ZocDoc to $70 million to date. The investment will allow ZocDoc to continue its expansion into new markets, rapidly growing its base of doctors and patients, and build on its success in providing unprecedented ease of access to medical care.

ZocDoc allows patients to find nearby doctors who accept their insurance, and book appointments instantly online. The service is free for patients. ZocDoc is improving access to healthcare by seamlessly integrating with doctors’ calendars in real-time and allowing patients to instantly book appointments online. The service taps into the hidden supply of availabilities, which includes the 10 to 20 percent of medical appointments that are cancelled or rescheduled at the last-minute. Doctors pay $250 per month for ZocDoc, using the service to increase patient satisfaction, appeal to the many patients looking for doctors online, and fill open appointments.

“Given the well-documented need for change in the healthcare system, both in the U.S. and worldwide, ZocDoc brings much-needed transparency and efficiency to an immense industry that’s long been difficult to navigate,” said Yuri Milner, founder of DST Global. “We look forward to a future in which ZocDoc is the platform for empowered patients to manage all of their care online.”

“Every patient should have access to great medical care, but healthcare remains the challenge of our generation,” said Cyrus Massoumi, co-founder and CEO of ZocDoc. “ZocDoc has a proven track record of success in achieving mass adoption among both patients and healthcare providers. The internet-borne efficiency we love in the travel, shopping and music businesses will transform the $5.5 trillion global healthcare industry as ZocDoc continues to expand.”

ZocDoc’s user-friendly approach to simplifying healthcare has resulted in demand for its service among both patients and healthcare providers across the U.S. and worldwide. ZocDoc currently offers over 5 million available appointments with doctors and medical practitioners in nine major metropolitan areas, and is used by nearly 700,000 patients each month.

To learn more about ZocDoc, please visit the ZocDoc blog, press room, Twitter, or Facebook.

About ZocDoc

ZocDoc, founded in 2007, is improving access to healthcare by enabling patients to search for doctors, sort by location and insurance accepted, read verified reviews, and instantly book an appointment online. There are over 5 million medical appointments available on ZocDoc. Approximately 700,000 people use ZocDoc to find a doctor or dentist each month. Free ZocDoc Apps for iPhone and Android allow patients to find doctors and book appointments instantly on-the-go.

About DST Global

Founded in 2009 by Yuri Milner, DST Global is one of the leading investment groups globally to exclusively focus on Internet related companies. DST Global’s portfolio contains some of the world’s leading and most valuable Internet assets.