ZocDoc Issues A Convertible Note Of $55 Million

Posted Jun 25, 2013

Based in New York, ZocDoc is a doctor appointment booking startup that has issued a $55 million convertible note. 

ZocDoc helps patients find doctors nearby and book appointments online.  ZocDoc has raised a total of about $95 million in venture capital funding thus far.  Around $2 million of the $55 million convertible note has been closed so far.

Cyrus Massoumi, the ZocDoc CEO and co-founder, told GigaOM that they do not need the money, but wanted to bring in strategic investors that can help them expand into new areas and help build new products.

ZocDoc has seen over 1,000 medical procedures booked through their websites.  The company has also seen bookings on their mobile website up 500% year-over-year.  ZocDoc currently covers 40% of U.S. patients and is profitable in a majority of their 35 markets.

ZocDoc is considered the leader when it comes to online medical appointments, but they are seeing a major increase in competition.  Practice Fusion and Doximity have also seen tremendous growth in the last few months.