[Funding alert] Physician engagement startup Doceree raises a seed funding of $1M
New Jersey-based Doceree Inc today announced that it has raised $1 million in seed funding from a group of angel investors from India and the United States. The healthtech startup has secured the funds despite the ongoing coronavirus crisis that is wreaking havoc on stocks worldwide.
Doceree claims to be the world’s first programmatic physician engagement platform, aiming to address the problem of rising cost of healthcare by bringing efficiency and effectiveness to physician engagement. It connects pharma brands and digital platforms, allowing products and services of the former to be marketed to physicians on the latters' platforms. The startup uses data and creativity in healthcare marketing to tackle the same.
Dr. Harshit Jain, founder and CEO of Doceree, said,
"In the healthcare space, there is a huge data that lies underutilised which when used efficiently can drastically change the way physicians are engaged. The challenge is that despite changing dynamics and the surge of digitisation, it’s still hard for pharmaceutical brands to approach physicians on the digital medium. While pharma companies spend a huge amount to market physicians in the traditional way, they are not able to tap the vast potential of the digital medium to grow their businesses."
The startup plans to utilise these funds towards customer acquisition, recruiting talent, scaling up operations in India and the US and ramping up technology to further digitalise physician engagement experience.
The seed funding round was led by Kumar Gaurav, the founder and CEO of Beyond Codes, and a few other investors from the advertising and the pharmaceutical industry participated. It has also inducted Rahul Gupta, a serial investor on to the management board.
Founded in 2019, Doceree reports to have witnessed a massive growth since its launch in the US, being able to create an expansive network of one million physicians. It launched its India operations in mid-March this year, having advanced its entry to let pharmaceutical companies gain access to physicians amid coronavirus pandemic through its platform for free.
This is in a bid to support them when their crucial workforce of medical and sales representatives are locked indoors.
Rahul Gupta, the participating investor said,
"Doceree’s concept of programmatic physician engagement is distinct, disruptive, and innovative. How it became a crucial tool for pharma companies to reach out to doctors during the ongoing COVID-19 crisis establishes the greater need and importance of the platform. The future of digital access to physicians is very promising and we truly believe in Doceree’s vision."