Figure 1 has raised US$4 million in a Series A financing round led by U.S. venture capital firm Union Square Ventures. Canadian firms Version One Ventures and Rho Canada Ventures, which co-led the company’s seed-stage funding last year, also joined the Series A round. A new angel investor, Jevon MacDonald, co-founder of GoInstant and StartupNorth, was also a participant. Based in Toronto, Figure 1 is a mobile-first network of healthcare professionals who use it to share and discuss medical images and other content. Union Square partner Andy Weissman will join the company’s board of directors, as will Boris Wertz, general partner at Version One.
Figure 1 Raises $4M Series A Led by Union Square Ventures
TORONTO, ON–(Marketwired – Aug 6, 2014) – Healthcare startup Figure 1 announced today that it has closed a USD 4 million Series A funding round led by Union Square Ventures.
Figure 1 is a mobile-first network of healthcare professionals who use it to share and discuss medical images and other content. It is used by more than 125,000 healthcare professionals at thousands of hospitals, and has medical and nursing student ambassadors at 200 schools including the Johns Hopkins University School of Medicine, the University of Pennsylvania School of Medicine, and Columbia University Medical Center. One hundred million images have been viewed on the platform since its launch in May 2013. Every day, Figure 1’s medical images are viewed close to a million times.
Union Square Ventures was an early investor in Twitter, Tumblr, Zynga, and Kickstarter. Version One Ventures and Rho Canada Ventures, who co-led Figure 1’s seed round in the fall of 2013, also participated in this round.
“We are laser-focused on making Figure 1 indispensable for healthcare professionals — and these new resources will be 100% dedicated to this mission,” said Gregory Levey, Figure 1 CEO. “In USV, we have investors who have a long-term and product-focused view of the world, which is why we’re thrilled to work with them.”
Andy Weissman, Partner at Union Square Ventures, will join Figure 1’s Board of Directors, as will Boris Wertz, Founder and General Partner at Version One Ventures. Zen Chu (Founder of Accelerated Medical Ventures and Faculty Director at MIT’s HackingMedicine) will join as an independent director, bringing his extensive domain knowledge and relationships in healthcare. Roger Chabra, General Partner at Rho Canada Ventures, will continue as a board observer.
A new angel investor in this round is Jevon MacDonald, Co-Founder of GoInstant and StartupNorth. He joins Figure 1’s other angel investors, which include Chu, Matt Wyndowe (Former Director of Business Development at Facebook), and Daniel Debow (Co-Founder of Rypple).
The startup is looking to hire for a variety of roles to grow its Toronto-based team. To learn more visit www.figure1.com or follow @figure1 on Twitter.
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