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Invest in Zocdoc
Zocdoc is an online platform where patients can find the right specialist, make an appointment and get a video consultation. The company was founded in 2007 and is headquartered in New York.
The platform was a leader in the market of online medical appointments, and during the pandemic, Zocdoc entered into a partnership with Twilio and entered the fast-growing telemedicine market. The company has launched the Zocdoc VideoService (VSP) that helps patients communicate with specialists without risks, get consultations and monitor treatment progress online. Zocdoc has become one of the few digital medical platforms providing for both face-to-face and online medical consultations.
Using Zocdoc, 10,000 providers have carried out nearly one million video appointments across 100 specialities. In May 2020 the company’s founder and CEO Oliver Kharraz told Engadget that video visits now account for 30 to 40 percent of overall bookings, up from “essentially zero at the beginning of March.”
The global telemedicine market size is expected to reach $155.1 billion by 2027, expanding at a CAGR of 15% over the forecast period. Increasing incidences of chronic conditions and rising demand for self-care medicines are the key factors driving the market.
Digital health funding has hit record levels propelled by the technology boom during the COVID-19 pandemic. Total corporate funding for digital health including venture capital, debt and public market financing reached $21.6 billion in 2020, which is up 103% compared to $10.6 billion in 2019, according to a year-end report by the research firm Mercom Capital Group
Intense competition: the market is invaded by a growing number of businesses/ telemedicine services.
Possibly limited growth potential. As Zocdoc has already tapped into most major US metropolitan areas, further expansion in the US may be constrained.
Zocdoc has reported strong growth, with annual revenue up by more than 35% before the pandemic and despite the disruptions provoked by the pandemic, the company’s on track to reach a new record revenue.
In November 2021 the company announced a $150 million investment round from Francisco Partners, the total valuation being undisclosed. In February 2021 the valuation was about $2.6 billion.
As of November 2021 Zocdoc has raised a total of $375 million in funding over 10 rounds from Goldman Sachs (invested in Alibaba, Spotify, Pinterest), Peter Thiel's Founders Fund (invested in Airbnb, SpaceX, Lyft), Yuri Milner's DST Global Fund (invested in Facebook, Spotify, Flexport, Robinhood) and others.
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