CareDash Secures Nearly $2 Million in New Funding Led By Link Ventures
CAMBRIDGE, Mass., Feb. 9, 2017 /PRNewswire/ -- CareDash.com, the online healthcare portal transforming the doctor review industry, today announces it has secured nearly $1 million in venture debt financing and an additional $1 million line of credit led by Link Ventures, a Cambridge-based investment firm focused on internet and technology companies.
With this new investment, the company will increase consumer awareness of the brand as a resource dedicated to transparency in the doctor review industry with a steadfast promise to reject payments from doctors seeking to remove and hide negative reviews, a widely-used industry practice. Notable CareDash investors include former Chairman and CEO of Thomson Financial, Jeff Parker; former Chairman of McGraw-Hill Publishing, Ron Schlosser; and founder of the Food Network, Joe Langhan.
"We started CareDash with the mission to arm patients with the transparent information they need to take charge of their healthcare," said Ted Chan, founder and CEO, CareDash.com. "It's one thing to eat a bad meal at a restaurant because a review was suppressed in exchange for compensation; it's quite another to manipulate the healthcare information available to patients." This latest round of funding from Link Ventures builds upon an exceptional year for CareDash which saw exponential growth of ratings and reviews, in addition to several key executive appointments. Link Ventures' focus on market intelligence and corporate services will enable CareDash to continue improving the patient healthcare experience."
"Ted and his team at CareDash have achieved impressive growth," said David Blundin, Managing Partner, Link Ventures and Chairman of the Board of CareDash. "We see tremendous potential in the CareDash model of harnessing the power of consumer-generated content to solve a real need for authentic information in the healthcare space. We look forward to this continued partnership."
CareDash has also expanded its Board of Directors as the company moves to optimize its mobile healthcare experience, recently adding veteran mobile analytics expert, Mira Wilczek. Mira's expertise advising Fortune 500 companies on consumer and mobile behavior will be instrumental in addressing the more than 50% of CareDash users who currently access the website via mobile devices. Ted Chan was also recently named to the Board of Directors.
Launched in June 2016, CareDash currently features more than 30,000 reviews and ratings. The company generated $6.7 million in revenue in 2016 and previously raised $500,000 in seed capital.
About CareDash.com:Headquartered in Cambridge, MA, CareDash.com is an online healthcare portal transforming the doctor review industry to make it more transparent and accessible for all patients regardless of their socio-economic background. Unlike other doctor review sites, CareDash does not influence, suppress or remove negative reviews in exchange for payment from providers. Unbeknownst to patients, existing doctor review sites accept payments from doctors to remove and hide negative reviews. CareDash also services more patients in the low-to-middle income range than leading patient review sites – many of whom have traditionally been ignored and underrepresented in this space.
About Link Ventures:Link Equity Partners, LLC is a venture capital firm dedicated to investing in internet and technology companies with a capital-efficient road to profitability. Founded in 2006 by Managing Partner, David Blundin, Link Ventures success is rooted in its ability to identify unique business opportunities and to partner with portfolio companies to drive rapid growth through the application of cutting-edge internet traffic generation techniques in combination with sophisticated mathematical modeling and behavioral analysis.
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