MD Insider, a data healthcare innovator that significantly reduces healthcare costs for employers, announced on Tuesday (November 4th) that it closed a $1.5 million investment, which has been dubbed the “largest online investment round ever” raised on technology startup equity investing platform AngelList.
The syndicate was led by renowned investor, Tim Ferriss, best-selling author and early investor/advisor to companies including Facebook, Twitter, Evernote, and Uber. MD Insider is now the #1 most active company and the #1 company (by size of investment) on AngelList.
CEO of MD Insider, David Norris stated, “MD Insider is a truly disruptive business, so it is exciting to include another disruptive model – crowdfunding, as part of this investment round. We are very pleased with the results and are happy to see so much demand for investment in our business.”
MD Insider’s round included more than 90 individual investors and filled in just minutes, with hundreds of other investors unable to participate after the round became almost instantly oversubscribed. From start to finish, the entire round took only about two and a half weeks to close and wire. MD Insider will use the new funds to expand its research and development efforts and to continue to grow their industry leading pool of physician performance data, which currently tops 1.8 billion records.
Ferriss noted, “I am very excited about MD Insider. Their mission to provide performance and cost transparency in healthcare is hugely important. I believe MD Insider is truly disruptive and will have a large impact on the world. I can see several things already: the need in my own personal experience with medical problems, the demand in the healthcare market, and the broader applications of their amazing data set.”
“AngelList was excited to see MD Insider’s successful raise,” said Millie Tadewaldt of AngelList. “The MD Insider round is an excellent demonstration of our platform’s ability to swiftly bring together dozens of angel investors to accomplish a large funding round, behind an experienced lead investor like Tim Ferriss.”
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