Subject: FNC
TigerConnect Closes $45M Series D To Meet Soaring Demand
SANTA MONICA, Calif., Oct. 8, 2020 /PRNewswire/ -- TigerConnect, healthcare's most widely adopted care team collaboration solution, today closed a $45M Series D investment to fuel continued investment into its telehealth and workflow collaboration platform to meet surging demand. The round was led by healthcare-focused investor HealthQuest Capital, with additional investment coming from New Leaf Ventures, Montreux Growth Partners, Norwest Venture Partners, Invus and Industry Ventures. TigerConnect's revenue has grown over 30% since the onset of COVID-19 in March, with more than 1,000 healthcare organizations adopting TigerConnect's platform to quickly communicate and coordinate care, improve outcomes and treat patients remotely.
Since the beginning of the COVID-19 pandemic, TigerConnect has experienced tremendous user growth and engagement due to its efficacy in improving care team collaboration.
- More than 750,000 registered users at leading healthcare organizations rely on TigerConnect for internal and external communications.
- Since COVID-19 began over six months ago, daily message volume has more than doubled, with providers now spending more than 500,000 hours per month cumulatively in the app.
- TigerConnect's patient-facing telehealth solution, TigerTouch, has seen rapid growth since its launch in March, with nearly 150,000 unique patients treated over that period.
- The recent launch of TigerSchedule (following the acquisition of Call Scheduler) has been met with a strong response from providers looking for an integrated scheduling and collaboration solution with more than 7,000 providers now using it for call scheduling.
- Engagement with providers, based on the number of interactions on the platform, has tripled.
"TigerConnect is enabling the rapid and secure coordination of care at scale, the need for which has been significantly highlighted by the pandemic," said HealthQuest Managing Partner Garheng Kong. "We've evaluated numerous digital health businesses, and TigerConnect stands out with its robust multi-product platform, seamless user experience and track record of adoption to date from blue-chip healthcare systems. I am excited to join the Board of Directors of TigerConnect to help the company in its next phase of growth."
"The COVID-19 pandemic is a watershed moment in care delivery. With unprecedented pressures on operations, health systems must be more connected, efficient and capable of meeting patients wherever they are," said TigerConnect co-founder and CEO Brad Brooks. "TigerConnect is in a unique position to help hospitals turn the page on antiquated systems to get more done ? and improve outcomes. Although we weren't actively looking to raise capital, we were impressed by HealthQuest's healthcare expertise and health system knowledge. We look forward to partnering with the HealthQuest team as we unite collaboration and patient engagement in one organic experience and scaling our solution to meet the soaring demand for telehealth and collaboration tools worldwide."
More than 7,000 healthcare organizations around the world trust TigerConnect to improve operations and coordinate care across organizations and patients alike. Notable customer highlights of the past six months include:
- Geisinger Medical System, which published a report that found TigerConnect reduced the median response turnaround time to communicate critical information between clinicians and the laboratory from seven minutes to less than one minute ? an exponential efficiency gain for the organization's millions of covered lives.
- SingHealth, the national health system of Singapore, turned to TigerConnect to stem the initial wave of COVID-19. Messages between clinicians quadrupled during the initial outbreak.
TigerConnect has expanded headcount by more than 35% in the past six months to support increasing demand for its collaboration platform. The company will use the proceeds to expand investment in product development and professional services to meet the growing need for advanced, easy-to-use, integrated collaboration solutions.
About TigerConnect, Inc.
TigerConnect is healthcare's most widely adopted communication platform ? uniquely modernizing care collaboration among doctors, nurses, care teams, and patients. TigerConnect is the only solution that combines a consumer-like user experience for both clinical and patient communication with serious security, privacy, and clinical workflow requirements that today's healthcare organizations demand. TigerConnect accelerates productivity, reduces costs, and improves patient outcomes. Trusted by more than 7,000 healthcare organizations, TigerConnect maintains 99.99% verifiable uptime and processes more than 10 million messages each day. To learn more about TigerConnect, visit tigerconnect.com.
About HealthQuest Capital
Based in the San Francisco Bay Area, HealthQuest Capital is a growth capital firm investing in commercial-stage companies that are optimizing value in healthcare by improving outcomes and reducing costs. With more than $850 million in capital under management, the firm focuses on fostering innovation across the healthcare spectrum, including medical technologies, diagnostics/tools, digital health and innovative services. The HealthQuest team combines decades of successful investing experience with deep domain expertise in all aspects of the healthcare industry.
SOURCE TigerConnect
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