A 2-year-old Richmond startup wants to get its ride-scheduling technology in the hands of as many medical professionals as possible – and fast.
Roundtrip, a platform that connects healthcare and transportation providers, on Wednesday announced the close of a $5.14 million Series A funding round to upgrade its software and build out its sales, engineering and account management teams.
The round was led by Motley Fool Ventures and included participation from an undisclosed multibillion-dollar healthcare software company. Existing Roundtrip investors Ben Franklin Technology Partners and Johns Hopkins University added to the capital raise.
“To grow the organization and scale up, to work with more health systems, hospitals and facilities, more health plans and paratransit organizations, we needed to raise that money,” Roundtrip CTO Ankit Mathur said in an interview. “We spent the last few months seeing who would be the best fit to help us do that, and met with guys at Motley Fool Ventures, and said it falls exactly within our wheelhouse.”
Roundtrip’s mission is getting patients to doctors’ appointments – eliminating “no-shows” that it estimates cost health systems $150 billion in lost revenue annually. The platform connects healthcare providers with transportation services to schedule and execute rides for non-emergency medical visits.
The startup’s technology is used in more than 275 facilities nationwide, but Mathur said that number will grow following the funding. The company plans to double its 26-strong workforce between its Philadelphia and Richmond offices in the next year, he said, including the addition of about 10 engineers to its locally based product team.
In the last year, founder and CEO Mark Switaj noted in a previous blog post, Roundtrip doubled its number of trips and revenue grew 35 percent month over month. Mathur said the company found itself with both revenue traction and demonstrated community impact where it operates, leading to the decision to scale. Investors agreed that the timing was right.
“It was clear to us early on that Roundtrip would be a perfect fit for our current investment thesis,” Motley Fool Ventures partner John Keeling said in a statement. “The company’s initial traction, continuously expanding market, and the variety of expertise in Roundtrip’s management team were the key factors in our decision to lead their Series A.”
