When ZocDoc launched in 2007, even doctors in the founders’ immediate families thought the startup would fail.
Critics assumed no one would book serious medical appointments online. But today ZocDoc is announcing that 1,000 different types of appointments have been booked, from marriage counseling sessions to physicals on its platform. It is also raising a convertible debt note of up to $55 million on “company-favourable terms,” CEO Cyrus Massoumi says.
Massoumi says ZocDoc doesn’t need additional cash and most of the 35 markets ZocDoc is in are profitable. His company has raised more than $100 million to date. But he’s a fan of raising money when it isn’t needed; Massoumi tells TechCrunch the money will “sit in the bank and collect dust.”
Mobile is helping ZocDoc grow significantly. Massoumi says bookings have increased 600% over the past year and mobile appointments have grown 500% year over year. ZocDoc’s mobile app even helped Massoumi, who started the company because he’s a self-described “accident-prone hypochondriac,” book a 2 AM appointment from an airport the morning after New Years. (He tore a ligament collecting luggage).
When asked if the convertible note was the last money ZocDoc would seek before an IPO, Massoumi said his company wasn’t thinking about an exit yet. ZocDoc has 400 employees that have now flooded a second floor of the SoHo headquarters and doctors are paying $300 per month to be listed on the platform. But the medical industry is large – $2.7 trillion – so Massoumi feels ZocDoc has much further to go.
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