Zocdoc Raises $150 Million in Growth Financing

Zocdoc, an online doctor appointment booking platform, raises $150 million in growth financing led by Francisco Partners. The company will use the capital to further drive growth, invest in sales and marketing, and expand the products available through its platform.

Zocdoc, a pioneer in online scheduling for in-person doctors’ appointments, recently accelerated telehealth adoption with pandemic taking full effect. This move made it a unique digital health platform that supports hybrid care: both physical and virtual care services.

Zocdoc grew its revenue by more than 35% year-over-year before the pandemic and had year-over-year growth in 2020 despite COVID-19’s disruption, according to the company statement. Most recently, the company leveraged its core technology to introduce 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.

“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,” said Oliver Kharraz, M.D., Zocdoc founder, and CEO. “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.”

“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”, said Scott Eisenberg, Head of Credit and Structured Solutions at Francisco Partners.

Online Healthcare Service Booking companies raised $765 million in 2020, a 42% increase compared to $537 in 2019, according to the latest Mercom Digital Health funding report.