The Rounds, a leader in physician-to-physician collaboration, today announced it has completed a $1 million seed capital fundraising effort.
The fundraising effort closed today with a $250,000 investment from Innovacorp, Nova Scotia’s early stage venture capital organization. The financing will help The Rounds accelerate growth across Canada and drive product development.
With nearly 1,500 physicians on board, The Rounds is Canada’s largest professional network developed exclusively for physicians. Today, members of The Rounds come from every province in the country and are interacting with each other more than 20,000 times each month.
The professional network for Canadian physicians launched earlier this year as a channel that connects physicians in a safe and secure platform across the country. The Rounds offers members a user-friendly channel to collaborate across specialties. With The Rounds, physicians can use mobile devices as well as their computers to securely share information concerning patient care and collaborate with other physicians in a secure HIPAA-compliant space.
Because of the lack of other secure methods, fax and email continue to be used by many physicians but pose significant communications challenges. Studies estimate that 80 per cent of serious preventable adverse patient events happen due to poor communication among healthcare providers. The Rounds tackles this issue by providing physicians with tools to engage quickly and effectively – within a network where doctors can expand connections across specialties.
“The Rounds’ goal is to empower physicians to collaborate effectively while using social media and technology to connect and collaborate like never before,” says Blair Ryan, CEO of The Rounds. “This investment gives us additional resources to grow quickly and strategically, innovate effectively, and deliver on our vision to improve healthcare for all Canadians.”
“As demonstrated by their recent growth and physician adoption, The Rounds clearly understands the market and is delivering a product that benefits all Canadians,” says Dawn Umlah, investment manager at Innovacorp. “This investment will help The Rounds connect with more Canadian physicians and accelerate their growth as it relates to product innovation and user acquisition.”
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Halifax, Nova Scotia, April 22, 2014