Healthcare Business News
Jeff Tangney

Doc social-network startup Doximity raises $54 million

By Joseph Conn
Posted: April 30, 2014 - 1:30 pm ET

Doximity, the newest offering from health information technology entrepreneur Jeff Tangney, has raised $54 million in series C funding, the San Francisco-based company announced Tuesday.

Series C funding is normally the third round of funding for a technology startup and traditionally is used to accelerate growth and company expansion.

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Launched in 2011, Doximity bills itself as a “vertical social network,” providing connectivity for physicians.

Investors listed in this round include Draper Fisher Jurvetson, funds and accounts managed by T. Rowe Price Group, Morgan Stanley Investment Management, Emergence Capital Partners, Morgenthaler Ventures and InterWest Partners.

Tangney was the co-founder of Epocrates, a drug, disease and diagnostic reference tool on mobile devices named two years running by Modern Healthcare readers as their favorite mobile application.

Launched in 1999, Epocrates was sold to Athenahealth in 2013 for a reported $293 million.

“Our success is built on solving small problems for doctors every day,” said Tagney, the CEO and founder of Doximity, in a news release.

“With T. Rowe Price and DFJ on board, we look forward to continuing our work to make physicians more connected and successful,” he said. The company claims an average of 20,000 “peer-to-peer” messages are sent through its network on any given business day, and that it had its first month of positive cash flow in January.

Follow Joseph Conn on Twitter: @MHJConn

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