The Rounds, Canada’s secure and exclusive physician-only network, today announced a $565,000 seed extension led primarily by a group of angel investors located six provinces away.After noticing the company’s unprecedented growth in the last ten months, a group of angels in the Calgary area were eager to invest. The seed extension allows The Rounds to capitalize on this growth and continue growing faster as they prepare a Series A fundraising effort in coming months.
“This funding isn’t meant to extend our runway; it will be used to grow faster, right now. The decision to raise a seed extension came down to our desire to capitalize on the early traction and momentum we were experiencing. Canadian healthcare needs us to grow faster,” said co-founder and CEO, Blair Ryan.
Since launching from private beta in February 2014, The Rounds has experienced massive growth with an increase of more than 650 per cent in membership in its first ten months.
Gordon Stewart, an early investor in the seed extension from Calgary, put it this way, “Contributing to The Rounds wasn’t something I could pass on, after hearing the company’s story and believing in their mission to improve healthcare globally, I was eager to come on board.”
In addition to Mr. Stewart, four angels from Alberta invested in The Rounds’ seed extension. “We’re based in Halifax, but The Rounds is a global company. I urge other Nova Scotian entrepreneurs to think of their companies that way, to get out of Atlantic Canada and share their visions with investors and other founders,” said Mr. Ryan. “The sheer number of potential investors in Western Canada made it a great destination for us, but there is also a greater appetite for risk and understanding of early stage technology startups.”
In 2012, co-founders Blair Ryan, Will Harris, and Dr. Michael Clory, started The Rounds to connect physicians to the information and experts they need to perform life saving procedures and improve patient outcomes. The network now has members from each medical specialty and from every province in Canada.
Mr. Ryan added, “Investors, to us, offer much more than the cheques they write; they are a support system, and offer advice and connections. That’s why we’ve been intentional about finding angels across Canada. We have also seen success in the U.S., with investors from San Francisco and Boston.”
The money from the seed extension will be used to double the size of The Rounds’ team, with specific emphasis on growing the engineering team. The increase in human capital will add fuel to The Rounds’ fire, and propel them toward their next major milestone; 35 per cent of Canadian physicians with network access by year’s end.
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Wednesday, November 26, 2014, Halifax, NS