Experiencing 30% revenue growth since the onset of COVID-19, TigerConnect realized that the healthcare system is ready to embrace a modern care collaboration and communication platform. The company’s platform allows healthcare professionals across various teams – urgent care, imaging centers, SNFs (registered skilled nursing facilities), etc – to instantly interact with each other and receive the latest updates and critical information on patients. The solution is trusted by than 7K + healthcare organizations to communicate and coordinate care quickly and securely via video, voice, or text. Presently, processes more than 10 million messages each day and has logged 500K+ total hours per month spent on its app. The company has expanded its headcount 35% recently to address growing demand.
LA TechWatch caught up with CEO Brad Brooks to discuss TigerConnect’s recent funding, rapid growth, and the launch of its latest products. The company has raised a total of $148.6M across six rounds since its founding in 2010.
Who were your investors and how much did you raise?
The $45M Series D round was led by healthcare-focused investor HealthQuest Capital, with additional investment coming from New Leaf Ventures, Montreux Growth Partners, Norwest Venture Partners, Invus, and Industry Ventures.
Tell us about the product or service TigerConnect provides.
TigerConnect is a care team collaboration solution that modernizes care collaboration and communication among doctors, nurses, care teams, and patients. TigerConnect combines a consumer-like user experience for both clinical and patient communication with security, privacy, and clinical workflow requirements to accelerate productivity, reduce costs, and improve patient outcomes. Trusted by more than 7,000 healthcare organizations, the platform maintains 99.99% verifiable uptime and processes more than 10 million messages each day.
What inspired the start of TigerConnect?
I come from a family of physicians, but before TigerConnect, I worked in securities on the trading desk, where everything was recorded, and I became hyper-aware of everything I had to say. Together, my brother (who is also our company cofounder) and I realized that messaging is where everything is moving socially, and messaging could be a great benefit to healthcare professionals.
How is TigerConnect different?
Only TigerConnect offers a three-in-one care team solution, combining care team collaboration, telehealth, and patient texting into one secure, HIPAA-compliant platform.
What market is TigerConnect targeting and how big is it?
More than 750K registered users at leading hospitals and healthcare organizations already rely on TigerConnect for internal and external communications.
What’s your business model?
TigerConnect provides Software as a Service to its 7K+ users, including hospitals and other healthcare providers. TigerConnect’s flexible platform offers a range of solutions from standard features to advanced integrations and virtual care.
How has the business impacted by COVID-19?
Since the onset of the pandemic, TigerConnect has experienced increased user growth and engagement due to its efficacy in improving care team collaboration. Daily message volume has more than doubled since the beginning of the pandemic, with providers now spending more than 500,000 hours per month cumulatively in the app, up from 200,000 in March. The company has also grown its revenue by more than 30% since March.
TigerConnect’s new solutions have accelerated growth. TigerConnect’s patient-facing telehealth solution, TigerTouch, has seen rapid growth since its launch in March, with nearly 150,000 unique patients treated over that period. Additionally, the recent launch of TigerSchedule (following the acquisition of Call Scheduler) has been met with a strong response from providers looking for an integrated scheduling and collaboration solution with more than 7,000 providers now using it for call scheduling. These features have enabled the rapid and secure coordination of care at scale.
What was the funding process like?
Although we weren’t actively looking to raise capital, we were impressed by HealthQuest’s healthcare expertise and health system knowledge. We look forward to partnering with the HealthQuest team as we unite collaboration and patient engagement in one organic experience and scaling our solution to meet the soaring demand for telehealth and collaboration tools worldwide.
What are the biggest challenges that you faced while raising capital?
Deciding to raise capital at all when we did not need it.
What factors about your business led your investors to write the check?
TigerConnect is uniquely positioned to bolster healthcare systems through day-to-day tasks and through times of crisis, as we’re seeing now during COVID-19. Despite the global economic downturn, TigerConnect has proven itself to be a resilient tool that healthcare professionals and patients can rely on.
What are the milestones you plan to achieve in the next six months?
We plan to continue our growth as we scale the business, focusing on our new offerings: TigerSchedule, our integrated scheduling and collaboration solution, and TigerTouch, our patient-facing telehealth solution.
Our new offerings: TigerSchedule, our integrated scheduling and collaboration solution, and TigerTouch, our patient-facing telehealth solution.
What advice can you offer companies in Los Angeles that do not have a fresh injection of capital in the bank?
Focus on helping your employees and customers make it through COVID-19. Pivot strategies and take action quickly to accommodate their needs.
Where do you see the company going now over the near term?
We are focusing on scaling the business to keep up with the increased demand for our solutions.
What is your favorite restaurant in LA?
Angelini Osteria.
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