Investment in healthcare review platform, which has been used by more than 50m patients to date, also backed by existing investors Keen, Amadeus, and Guinness Ventures
Doctify, the leading global platform for patient reviews of health and social care, has today announced that it has secured $10m in a growth round led by Beringea, the transatlantic venture capital firm. The funding round was also backed by existing investors Keen Venture Partners, Amadeus Capital Partners, and Guinness Ventures.
Doctify was launched in 2015 by Stephanie Eltz and Suman Saha, who met as trainee surgeons, to address the lack of a trusted or transparent online platform for patient reviews. While the likes of TripAdvisor, Trustpilot, and Glassdoor had enabled consumers around the world to search easily for verified feedback on products, services, and experiences, this model had yet to cut through in global healthcare.
Andreessen Horowitz, the leading venture capital firm, recently argued that the largest company in the world will be a consumer health tech company given the scale of the market opportunity. The US healthcare industry alone is valued at $4tn - by comparison, $2.9tn is spent on leisure travel globally, and yet travellers can access more than 1bn reviews through TripAdvisor. Doctify is aiming to respond to Andreessen Horowitz’s call.
Since its foundation, Doctify has rapidly established itself as one of the world’s leading platforms for collecting patient reviews. Its platform has today been used by more than 50m patients across the UK, Germany, Austria, UAE, and Australia to find trusted information on clinicians, dentists, care homes, and healthcare practices. Doctify aims by 2025 to have enabled more than 100m patients globally to choose healthcare with confidence.
Doctify also provides vital tools for healthcare providers looking to understand and benchmark their care better, helping providers build a successful practice in a digital world. By collecting and publishing patient feedback in unprecedented numbers, healthcare providers can demonstrate quality of care and expertise, and improve patient experiences and outcomes. The platform has been used to connect patients with more than 25,000 healthcare providers globally, including internationally recognised healthcare providers including Cleveland Clinic, The Royal Marsden, HCA, The Mayo Clinic, and Priory Group.
The funding, which brings total investment in the company to more than £22m, will be used to accelerate growth in key international markets, invest in product, sales and marketing, and expand the team.
Stephanie Eltz, CEO and co-founder of Doctify, commented: “Our health is the most precious thing we have. With Doctify, we are working on building the world’s most important healthcare platform to help millions of patients. We are excited to welcome our new investors Beringea whom we first met years ago, and we are delighted with the support of our existing investors.”
Carrie Babcock, Investment Manager at Beringea, commented: “With referrals, we trust our GP or friends and family when really, that is just a single opinion. Many insurers make referrals to doctors they have the best rates with. Doctify is solving the healthcare journey through patient reviews but also by publishing professional endorsements between doctors. Doctify is giving patients information about their providers that really matters to them. It makes no sense that consumers remain in the dark about healthcare providers, while they can find thousands of reviews for a holiday rental!
“As qualified surgeons who have undergone their own health scares and challenges, Stephanie and Suman are powerhouses who acutely understand the needs of modern patients and would not accept the status quo. We are incredibly excited to be enabling Doctify to scale its vital product to millions more patients globally.”