BetterDoctor Closes $10 Million Series A Funding Round Led By NEA
BetterDoctor, the online doctor search service which has helped over 10,000,000 patients find the right doctor, has closed a $10 million Series A round of funding to expand its team and continue harnessing big data to make healthcare more transparent
SAN FRANCISCO, July 15, 2014-- Doctor search service BetterDoctor has closed a $10 million Series A funding round led by New Enterprise Associates (NEA), one of the world's largest and most active venture capital firms. The round includes participation from existing investors including SoftTechVC and Lifeline Ventures.
The company will use the funds to expand the team and continue developing the doctor ranking algorithm based on quality metrics including education, certification, sub-specialty, research, referrals and consumer ratings. BetterDoctor will also expand its beautifully designed web and mobile apps to new platforms to make it easier for patients to navigate the provider and insurance jungle, as well as give physicians a valuable tool to grow their practices.
Ari Tulla, CEO of BetterDoctor, who founded the company with CTO Tapio Tolvanen after facing complex medical issues in his family and spending months on the frustrating search for the right doctor said, "Our vision is to take the guessing game out of selecting the right doctor. Wouldn't you want a service that helps you find the best local specialist who focuses on your condition, accepts your insurance and is available tomorrow? With the help of new funding, we are getting closer to the vision every day."
BetterDoctor is the first health app to publish individual doctors' experience in different medical procedures through Medicare, making complex and previously unattainable U.S. government data on each doctor easily searchable in 10 seconds or less. The patient looking for the best surgeon for a knee operation near their home is now able to see the information they need in one glance on BetterDoctor, instead of spending hours on comparing physicians by calling offices.
Mohamad Makhzoumi, partner at NEA, said, "With more than one million doctors searchable by specialty, insurance, location, availability and condition, BetterDoctor has essentially created a healthcare translation tool that can help patients better understand doctors through the behaviors behind their activities. It's big data making a big difference in healthcare, and NEA is thrilled to be a part of it."
BetterDoctor is a first-of-its-kind consumer healthcare tool that makes important 'Doctor Quality Indicators' free and instantly searchable to all Americans. Using BetterDoctor you can quickly and easily find a doctor you'll love -- one who is highly qualified, has the right area of expertise, accepts your insurance plan, and has current appointment availability. BetterDoctor has helped over 10,000,000 patients to find the best primary care physician, dentist, eye doctor, plastic surgeon, OBGYN, pediatrician, dermatologist, or other medical professional. For more information, visit www.betterdoctor.com. To download the free iPhone app, visit www.betterdoctor.com/mobile.
About New Enterprise Associates, Inc.
New Enterprise Associates, Inc. (NEA) is a leading venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With approximately $13 billion in committed capital, NEA invests in information technology, healthcare and energy technology companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 175 portfolio company IPOs and more than 300 acquisitions. In the U.S., NEA has offices in Menlo Park, CA; Boston, MA; New York, NY; Chicago, IL; and the Washington, D.C. metropolitan area. In addition, New Enterprise Associates (India) Pvt. Ltd. has offices in Bangalore and Mumbai, India and New Enterprise Associates (Beijing), Ltd. has offices in Beijing and Shanghai, China. For additional information, visit www.nea.com.
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