The “Instagram for doctors” only lifted a uninformed $10 million

Figure 1 isn’t for a squeamish, yet investors apparently adore it. The company, a kind of amicable network where some-more than a million medical professionals can perspective singular conditions, learn about novel treatments and even learn cases, has usually lifted $10 million in Series B funding.

Kensington Capital Partners led a turn in Figure 1, that has also been called a Instagram for doctors. Other participants embody Samsung NEXT, word organisation John Hancock/Manulife, a try debt organisation WTI, a Canadian investment organisation Hedgewood, and progressing backers Union Square Ventures, Rho Canada Ventures, and Version One Ventures.

Last week, we held adult with Figure 1 owner and CEO Gregory Levey to learn a latest about a operations (ahem) of his four-year-old, 50-person, Toronto-based startup, that has now lifted some-more than $20 million altogether. Our discuss has been edited for length.

TC: People are underneath a sense that usually medical professionals can pointer adult to Figure 1, yet that’s not so.

GL:  Anyone can join. In fact, we child that it’s all reporters and VCs — people who are curious. But usually medical professionals can post photos and make comments. Otherwise, you get a mutated knowledge where we can see things yet we can’t post or comment. If we determine we as a medical professional, we get entrance to opposite stuff, as well.

TC: When we contend medical professional, that’s doctors and nurses. What about students?

GL: We don’t wish pre-med, yet we make an difference for nursing students, and about 70 percent of med students around a nation are members.

TC: So your members are mostly in a U.S.?

GL: About two-thirds are a in U.S. The second many intent user bottom we have is in Latin America. We inadvertently [hired a lot of Brazilians] and have a whole Portuguese-speaking side of a bureau [laughs], so we make a app in both Spanish and Portuguese. We also have a lot of members in a U.K., and Australia is big. People also like us in rising markets, yet we get into bandwidth issues; a phones aren’t unequivocally during a turn where we can keep [the Figure 1 app] on your phone since of storage issues.

TC: How many purebred and active users do we have?

GL: We’re tracking toward a large user miracle now, yet we’ve disclosed in a past that we have some-more than 2 million purebred users and have hundreds of thousands of monthly active users. There are 800,000 doctors in a U.S.

TC: In terms of engagement, what do we see? Is it like other amicable networks, where a tiny subset of visitors is active and everybody else is arrange of personification a partial of voyeur?

GL: I’d contend it’s flattering standard, yet there’s maybe some-more contention on Figure 1 than in other places. We also recently non-stop adult text-based cases, so instead of usually posting a picture, a alloy who didn’t get accede to take a design can report what he or she saw; we also have mental health professionals describing cases. That’s grown utterly dramatically.

There’s a lot of amicable training on a platform. we used to consider everybody had to post cases, yet we’re realizing a analogy is some-more a YouTube contra Twitter. I’ve never posted a video on YouTube, yet we watch it all a time. People get genuine value out of it, yet not everybody wants to post a medical box and that’s fine.

TC: How do we safeguard we have calm opposite a series of verticals, or does it usually occur organically?

GL: In a beginning, we talked about picking one straight within healthcare; instead, we expel a super-wide net, opening it adult to everybody from those in lab medicine to psychologists, and it grown organically from there. We don’t unequivocally consciously go after certain groups.

TC: You recently began experimenting with monetization, adding sponsored calm to a platform, including carrying brands unite doctors to learn other doctors on a platform. How’s that going?

GL. It’s going well. It’s still early. We’ve had a extensive accepting from sponsors — some-more than we can handle, really, that is good. So far, users are responding good to it, too, since we’re focused on high quality. In fact, we’re generally saying aloft rendezvous than with a non-sponsored content, that is user generated.

TC: Are we meditative to underline some-more veteran content?

GL: We don’t wish to turn a media company. We’re clever not to do that. The heart and essence of Figure 1 is a users themselves.

TC: How will we use your new funding?

GL: We wish to use it to grow a user reach. The income things is working, so a large use of a supports will also be pulling [further] into that. We’re also exploring new technologies and new income streams. We were new and sparkling 4 years ago; we wish to be new and sparkling today, too. There’s a lot of value in a cases, for example, we’re meditative how to precedence that have hired a comparison appurtenance training guy. Sponsored calm is good and potentially large from a income standpoint. we had no appreciation for a turn of selling spend [that companies are authorizing]. We’re talking, too, with institutions that are meddlesome in reward facilities for employees.

TC: Would we ever enhance into another industry?

GL: It’s funny. A crony was like, ‘You need to do this for equine racing!’ we was like, ‘I don’t consider so!’ But dentistry might have the possess needs, so we’re deliberation something in that realm. Another thing we consider about, maybe since I’m a dog fan, is veterinary. We have a lot of veterinarians on Figure 1 and they can’t post, yet they’ll make comments about [a tellurian case], like, ‘This is a identical display that happens in a feline,’ and people will shoo them away. They’re like, ‘Get out of here.’

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