SAN MATEO, Calif.--(BUSINESS WIRE)--PokitDok, Inc. today announced it secured $4 million in venture capital funding in a Series A round led by New Atlantic Ventures and syndicated with Rogers Venture Partners. Seed investors including Subtraction Capital, Zac Zeitlin and FFP Holdings also participated in the round. PokitDok is the only health marketplace connecting consumers and providers directly over the Web. The site empowers consumers to research and shop for high value healthcare, by specialty, condition or a specific provider’s name, from primary care to surgery, and pay for treatment using their health insurance, cash or health savings account (HSA). PokitDok allows providers to establish a storefront to market their services, including traditional medicine and alternative treatments, publish prices and realize immediate revenues from each patient visit. The $4 million in equity funding will be used to expand PokitDok’s oversubscribed beta program and add engineering, business development and marketing staff to both its Silicon Valley headquarters and Charleston, SC, office.
“We invested in PokitDok because it is tackling a critical need for healthcare pricing transparency and a place that connects doctors and patients, at a meaningful moment in history,” said John Backus, co-founder and managing partner, New Atlantic Ventures. “An unintended result of the Affordable Care Act is a rush by consumers and businesses to adopt high deductible health plans with low monthly premiums. This means that consumers will start spending more of their own money before insurance coverage kicks in. They will start taking a vested interest in finding and evaluating medical providers, costs and quality in a country that already spends $2.6 trillion on healthcare.” With this round of funding, John Backus will join PokitDok’s board of directors.
Founded in October 2011, PokitDok has already signed over 1000 practices representing a spectrum of healthcare options – from primary care to surgical centers. And, United Physicians, the largest private physician’s network in the country is now using PokitDok to market their services, publish prices and allow consumers to make and pay for appointments directly with doctors, whether they are using insurance, their health savings account or cash.
“We fundamentally believe in leveraging the Web to provide consumers direct access to a variety of health and wellness options in the US,” said Will Stewart, general partner, Rogers Venture Partners. “PokitDok has an early lead in a market trending toward open and transparent pricing that is estimated to reach $3 billion by 2016. As patients are forced to adopt high deductible health plans and healthcare savings accounts, they are becoming more aware of medical costs yet want the best care where they live. Patients are driving fundamental changes to the healthcare system and PokitDok’s tenured team is providing them powerful tools and a complete platform to do just that.” Will Stewart will join PokitDok’s board of directors.
Enrollment in high deductible plans with health savings accounts tripled over the last five years reaching 13.5 million in 2012, according to America’s Health Insurance Plans (AHIP), the national association representing health insurers. In 2014, more than 30 million previously uninsured individuals will be eligible for health insurance from the new state health exchanges. Each group demands the simplest, easiest to understand and affordable option for accessing care, forcing large health organizations and independent practices to openly post information and pricing.
“A sizeable retail health market is emerging in the US,” said Lisa Maki, co-founder and CEO, PokitDok. “This new funding allows us to rapidly scale our marketplace to connect providers and patients and also give health plans and self-insured businesses deeper, more extensive information about available physicians, their treatments and services and the cash prices they charge. Mining this powerful data and making it readily available keeps out of pocket and claims costs down for everyone. We welcome our newest investors who bring both an aggressive health thesis and international mobile communications expertise to bare on PokitDok’s transformation of the business of health.”
Lisa Maki started PokitDok after overcoming a spinal injury discovered while studying Karate. With her mobility compromised, she spent six frustrating months researching and identifying remedial options, through medical experts, her personal networks, trainers, social media and searching the Web. That ultimately led her to enroll in a study conducted by Dr. Marc Dubick at Roper St. Francis Hospital in Charleston, South Carolina, for experimental treatment and is now pain free. With her rich background in technology, she and her co-founder & CTO, Ted Tanner, Jr. created PokitDok to allow customers to cut to the chase finding the right treatment and providers. Before starting PokitDok, she co-founded BeliefNetworks with Ted Tanner, which applied semantic intelligence and predictive analytics for customers from the Department of Defense to DailyCandy. It was acquired by health and employee benefits system, Benefitfocus. Earlier in her career, she was the Director of Program Management for all Consumer products at Microsoft, during Bill Gate’s tenure. She earned her BA from Stanford University.
PokitDok is available immediately and free for consumers to shop and for reputable providers to list their practice information. PokitDok is also licensed to insurance companies and large self-insured employers seeking to provide their members and employees with a health marketplace where they can make smart health purchase decisions and minimize claim size. To shop or sign up, go to PokitDok.com or download the app on the Apple App Store.
Founded in October 2011, PokitDok is the only health marketplace connecting consumers and providers directly over the Web. The site empowers consumers to research and shop for high value healthcare, by specialty, condition or a specific provider’s name, from primary care to surgery, and pay for treatment using their health insurance, cash or health savings account (HSA). PokitDok allows providers to establish a storefront to market their services, including traditional medicine and alternative treatments, publish prices and realize immediate revenues from each patient visit. In addition, PokitDok provides enterprise access to market driven provider, treatment and price information to employers, payors and customers seeking the highest ROI for their healthcare expense. PokitDok is based in San Mateo, CA and backed by New Atlantic Ventures, Rogers Venture Partners, Subtraction Capital and others. For more, or to sign up, go to PokitDok.com
About New Atlantic Ventures
New Atlantic Ventures is an early stage VC firm investing nationally in the business of healthcare, cyber security, higher education, mobile, ecommerce and digital media. Collectively its partners have helped entrepreneurs start more than 100 companies including DivX, EnerNOC (NASDAQ: ENOC), Invincea, Massive (acquired by Microsoft), Mobile365 (acquired by Sybase), Moda Operandi, Qliance, Solve Media and Stitcher Radio. The firm manages $275 million from offices in Cambridge, MA and Reston, VA.
About Rogers Venture Partners
Rogers Venture Partners (www.rogersvp.com) was established in 2012 as a newly minted $150M venture capital fund headquartered in Palo Alto, CA. RVP’s limited partner, Rogers Communications, Inc (“RCI”) (www.rogers.com) is one of Canada’s most storied companies operating Rogers Wireless, Rogers Cable and Rogers Media.