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Medics' social network DoktorNaRabote raises $3m

0 20 March 2014

Medics social network (Doctor at Work) has raised $3 million from Aurora Venture Capital, Bright Capital Digital and Guard Capital, bringing the total invested in the project to $4.8 million. The new investment gives the company a $16.5 million valuation.    

While more than half the funds will go to the company itself, some of the money will go to the project’s first financial backers, whose names have not been disclosed. 

Doctor na Rabote was founded in 2009, and it is now used by 25% of Russia’s doctors, giving it a monthly audience of 115,000 unique visitors. The network takes full advantage of a law passed in the late 2000s that prohibits pharmaceutical companies from giving medics free samples and gifts, and also bans them from advertising prescription medicines in mainstream media. 

This created a niche for a project like Doctor na Rabote, and the network now hosts advertising from 12 of the top-20 global pharmaceutical companies. This advertising provided the bulk of the firm’s $1.5 million revenue last year, allowing it to make a profit. 

Doctor na Rabote founder Stanislav Sazhin said that the new funding will principally be spent on developing the network’s mobile app, via which a third of users principally access the service. He added that he expects the number of users to double within a year. 

Nikolay Davidov, investment manager at iTech Capital commented that

“On the one hand, it (the $16.5 million valuation) seems expensive. However, investors understand that online medicine is an interesting niche with few major projects. For a segment-leader it’s reasonable to pay that much. Doctors are also an audience that can be monetized effectively. So the valuation is probably about right.” 

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