Doceree Closes $11 Mn Series A Funding Round
Financing accelerates the company’s global growth and development of its platform to enrich HCP messaging solutions on endemic and point-of-care networks for pharmaceutical companies.
New Delhi, April 6: Doceree, the first global network of physician-only platforms for programmatic messaging, today announced the completion of an $11 million Series A funding round led by Eight Roads Ventures, a global investment firm backed by Fidelity. F-Prime Capital and Alkemi Growth Capital also participated in the round.
Doceree will use the funds to scale its global operations, expand partnerships, augment its product portfolio and advance the platform’s measurement and behaviour lift capabilities to bring greater transparency to results. The funding will also help embolden healthcare professional (HCP) communications for pharma and life sciences brands, agencies and health information technology platforms.
“It is critical for industry players like pharma companies and HCP-only platforms to understand and react to the digital touchpoints and behaviours of HCPs for delivering messages they resonate with,” says Harshit Jain, M.D., Founder & Global CEO, Doceree. “Our identity resolution technology and tailored products for different markets that adhere to the country-specific regulations and guidelines make it easy for pharma brands to engage with HCPs on digital mediums while enabling publishers to improve engagement on their platforms with relevant medical information from pharmaceutical and life sciences brands.”
Doceree’s industry-first solutions, powered by proprietary identity-resolution technology, ESPYIANTM, enable messaging and targeting of HCPs on endemic (sites physicians visit for knowledge, professional enhancement, or to connect with their peer group) and point-of-care (platforms where physicians tend to their patients) platforms. Through its global publisher network in a fast-evolving digital pharma marketing ecosystem, the platform enhances engagement between pharma companies and their target audience.
Founded in 2019 by Harshit, a former physician who transitioned into the healthcare marketing space, Doceree empowers pharma brands and media agencies with solutions that seamlessly reach HCPs on professional HCP networks and within their digital workflow to achieve better patient health outcomes. The company has refined HCP communications through its programmatic messaging capabilities to help marketers with more efficient, effective and transparent messaging campaigns.
“Doceree is transforming the way digital interactions between pharmaceutical brands and prescribers are facilitated,” says Ashish Venkataramani, Partner, Eight Roads Ventures. “Pharma marketers navigate significant complexity across point-of-care systems and health information systems. Doceree’s technology platform seeks to disrupt the fragmented value chain for digital messaging to physicians and will be at the forefront of this promising sector.”
On the back of the massive interest of pharma brands and publishers towards Doceree’s custom-built product offerings within the programmatic pharma marketing space, the company expanded to key international locations, such as emerging markets in the U.K. & Europe, within two years of the platform’s launch in the U.S. The sophistication of Doceree’s platform capabilities has created enormous opportunities for marketers and publishers in these geographies. It transforms the way pharma brands communicate with HCPs globally on physician-only platforms. Currently, Doceree is working with eight of the top 10 global pharma brands, and the company engages more than 1 million HCPs presently across the globe.
“For pharma companies and publishers, having access to data-driven, actionable insights to strategize and implement communication initiatives is critical to reaching HCPs,” says Rahul Gupta, Board Member, Doceree. “Doceree has proven the ability to connect stakeholders efficiently and is well-positioned to serve the needs of the pharma industry.”
Doceree’s AI-powered solutions facilitate hyper-targeting of HCPs based on multiple triggers and at various touchpoints that enrich marketing initiatives digitally. The platform can precisely identify HCPs on professional platforms based on their behaviour traits, diagnoses they carry out, prescriptions they write, and the procedures they perform to deliver relevant messaging from pharma brands in a regulatory compliant manner.
Doceree Perform, the company’s latest product, provides exceptional measurement proficiency for pharma companies to evaluate campaign performances and improve script lift with data-driven messages in the U.S. In India, the U.K. and the E.U., ESPYIANTM enables marketers to target HCPs at a speciality level, allowing pharma brands to reach them at scale based on their area of expertise. The company is set to introduce behavioural lift measurement offerings globally.
“Doceree has identified a largely overlooked white space in digital pharma marketing and is delivering innovative solutions to address some of the most critical challenges that pharma companies face today,” says Carl Byers, Partner, F-Prime Capital. “We were drawn to the company’s vision and are looking forward to our partnership and continued support as they evolve into their next stage of growth.”