Healthcare SaaS provider DrFirst raises $50M follow-on equity investment from Sixth Street Growth

SaaS News -DrFirst-raises-an-additional-$50-million(source: SaaS Industry)
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Rockville, Maryland-based healthcare SaaS provider DrFirst has recently raised a $50 million equity investment from Sixth Street Growth to grow their business and accelerate growth.

With the newly raised funds coupled with the already raised $35 million previous investment from Sixth Street Growth, and another $50 million from Goldman Sachs, both in 2020, the total funding raised by DrFirst stands at $135 million. Before 2020, their fundraising included a debt financing round led by SunTrust Bank, a venture round led by Goldman Sachs, and other rounds.

According to James Chen, CEO and Chairman of DrFirst, this follow-on investment indicates their deep commitment to DrFirst as they continue to provide practical and collaborative tools to solve daily problems in healthcare to market.

We’re also thrilled to have Sixth Street join our Board as an innovation-minded partner that understands the value and impact of secure information sharing in improving patient outcomes

James Chen, CEO and Chairman of DrFirst

Following the latest investment, Principal at Sixth Street, Lee Mooney, will be joining DrFirst’s board of directors. 

DrFirst provides a range of software solutions for stakeholders spread across the healthcare industry, including providers, payers, and life science companies. Nearly serving 300,000 healthcare professionals that include over 100,000 prescribers, fifty percent of the electronic health record (EHR) systems in the U.S., and more than 1,400 hospitals spread across the U.S. and Canada, DrFirst’s solutions provide redressal for e-prescribing, medicine management, care collaboration, medication adherence, and price transparency. 

Most recent recognition of their service includes the MedTech Breakthrough’s 2021 Artificial Intelligence Innovation Award, the 2020 ‘Best New e-Prescribing Solution Award’, and Honorable Mentions in Fast Company’s AI & Data and Health categories of its 2021 World-Changing Ideas Awards. 

Reports point to their sustained business growth, long-standing work in the domain with leading healthcare systems, an expanding customer base, and proven leadership in the digital health solutions market underscore the investments.

Commenting on the investment, Michael McGinn, Partner at Sixth Street, stated that DrFirst has been standing out as a scaled and differentiated enterprise technology platform, providing user-friendly and high-quality solutions.

Their offerings help physicians provide better, more informed care, which ultimately accrues to the benefit of patients and all healthcare stakeholders

Michael McGinn, Partner at Sixth Street
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