- Companies
- DrFirst
DrFirst Funding, Investors & Competitors
DrFirst has raised $164M across 4 funding rounds, most recently a $50M undisclosed-stage round in May 2021.
Last DrFirst funding round
$50M
Undisclosed stage · May 2021
Cumulative funding DrFirst raised
$164M
across 4 funding rounds
Key investors in DrFirst
Goldman Sachs
Sixth Street
About DrFirst
DrFirst is a Rockville-headquartered provider of healthcare software including e-prescribing via Rcopia, secure messaging through BackButton, electronic health records, and medication reconciliation tools for hospitals. The platform integrates with major EHR systems such as Epic, Cerner, and athenahealth to streamline workflows for prescribers and pharmacies nationwide.
Founded
2000
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
DrFirst Funding History
DrFirst has raised a total of $164M across 4 funding rounds.
DrFirst's first fundraising round was a $4M seed round in May 2015. The most recent completed round was a $50M undisclosed-stage round in May 2021.
DrFirst funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| May 2021 | Undisclosed stage | Sixth Street (lead) | $50M | DrFirst is a Rockville, Maryland-based health technology company founded in 2000, providing e-prescribing, medication management, telehealth, care collaboration, price transparency, patient engagement, and medication adherence solutions. Its platform connects healthcare stakeholders including clinicians, patients, hospitals, ambulatory practices, pharmacies, and payers in real-time to improve patient outcomes and workflow efficiency. The solutions are used by nearly 300,000 healthcare professionals, over 100,000 prescribers, nearly half of U.S. EHR systems, and more than 1,400 hospitals in the U.S. and Canada. On May 12, 2021, DrFirst closed a $50 million follow-on equity investment from Sixth Street Growth, following Sixth Street's prior $35 million investment and $50 million from Goldman Sachs Growth, both in 2020, bringing total funding in 2020-2021 to $135 million. Sixth Street principal Lee Mooney joined DrFirst's board. The funds are intended to support business growth, expand the product suite, invest in targeted acquisitions, and advance the company's 'healthiverse' vision of real-time stakeholder connectivity. Investors highlighted DrFirst's scaled, differentiated enterprise technology platform, sustained business growth, long-standing partnerships with health systems, expanding customer base, and leadership in digital health, particularly software improving healthcare workflows. CEO James Chen emphasized Sixth Street's commitment to DrFirst's collaborative tools addressing daily healthcare challenges. The investment aligns with trends in healthcare technology breaking down silos, similar to funding for companies like Lumeon and Viz.ai in care management and AI coordination. |
| Jan 2020 | Undisclosed stage | Goldman Sachs (lead); Sixth Street (lead) | $85M | DrFirst, a health technology company founded in 2000, provides e-prescribing, medication management, care collaboration, price transparency, patient engagement, and telehealth-related software solutions for healthcare providers, payers, life science companies, clinicians, patients, hospitals, ambulatory practices, pharmacies, and payers. Its platforms are used by nearly 300,000 healthcare professionals, including over 100,000 prescribers, nearly half of U.S. EHR systems, and more than 1,400 hospitals in the U.S. and Canada. The company focuses on improving healthcare workflows, secure information sharing, clinical outcomes, interoperability, and patient safety. In 2020-2021, DrFirst raised a total of $135 million in equity investments, including $50 million from Goldman Sachs Growth, $35 million from Sixth Street Growth, and a follow-on $50 million from Sixth Street Growth announced in May 2021. These funds support business growth, targeted acquisitions, sales and marketing expansion, product development, and strategic initiatives. Lee Mooney from Sixth Street Growth joined DrFirst’s board of directors following the latest investment. The investments highlight DrFirst's sustained growth, expanding customer base, long-standing partnerships with health systems, and leadership in digital health solutions amid a competitive market breaking down healthcare silos through technology. Investors like Sixth Street Growth emphasized DrFirst's scaled, differentiated enterprise platform for user-friendly healthcare technology. |
| Oct 2015 | Undisclosed stage | Goldman Sachs (lead) | $25M | DrFirst is a healthcare IT solutions provider founded in 2000 that develops technology platforms to optimize patient-provider interactions and clinical outcomes. The company's product portfolio includes e-prescribing solutions, secure messaging, clinical data sharing, medication adherence tools, and patient behavioral education services, serving more than 50,000 providers and partnering with over 330 EMR/EHR/HIS vendors across hospitals, pharmacies, and post-acute care facilities. On October 14, 2015, DrFirst announced a $25 million equity financing round led by Goldman Sachs, bringing total capital raised in the prior twelve months to $42 million, which also included a $5 million commitment from Savano Capital Partners and a $12 million credit facility from SunTrust Bank. The company planned to deploy proceeds toward expanding sales and marketing resources and accelerating development of both existing and new products. DrFirst achieved significant growth recognition in 2015, being named to Deloitte's Technology Fast 500 list for companies demonstrating outstanding sustained revenue growth, with the company posting 203 percent revenue growth from 2011 to 2014. Goldman Sachs highlighted the company's rapid revenue and customer base expansion as key drivers of their investment decision and emphasized confidence in management's vision for expanded product development in e-medication management and secure care collaboration software segments. |
| May 2015 | Seed | - | $4M | DrFirst, a Rockville, Maryland-based provider of healthcare IT solutions, secured $25 million in equity financing from Goldman Sachs in October 2015. This round brought total financing raised in the past year to $42 million, including a $5 million investment from Savano Capital Partners and a $12 million credit facility from SunTrust Bank. The company also raised $3.5 million in equity earlier in 2015 per SEC filing. DrFirst pioneers technology solutions for medication management, e-prescribing, secure messaging, clinical data sharing, and patient behavioral education to optimize provider access to patient information and improve care delivery. |
Who has invested in DrFirst?
2 investors have backed DrFirst across its funding rounds, including Goldman Sachs and Sixth Street.
Lead investors include Sixth Street and Goldman Sachs.
DrFirst Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 2 DrFirst investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by DrFirst
DrFirst has acquired 4 companies to date.
Last acquisition by DrFirst was on April 18th 2024. DrFirst acquired Myndshft Technologies for undisclosed valuation.
Latest Acquisitions by DrFirst
| Description | Myndshft Technologies is an Austin-based healthcare platform leveraging blockchain and AI for claims processing and prior authorizations. Its cognitive blockchain handles 10 million transactions annually, automating approvals for 250 providers. The system integrates with EHRs like Epic, reducing processing times from weeks to hours. | VisibilityRx builds de-identified patient databases using HIPAA-compliant technology. The platform analyzes patient attributes to match clinical trial inclusion and exclusion criteria. Pharmaceutical sponsors leverage these insights for targeted recruitment in studies focused on specific demographics and conditions. | The IN Group is a healthcare IT consultancy providing services for hospitals using MEDITECH systems. The IN Group offers implementation, optimization, upgrade support, report writing, and regulatory compliance improvement for Meaningful Use and ICD-10. The company also supports hospitals pursuing new payment models such as Patient-Centered Medical Home and Accountable Care. | - |
| HQ Country | - | |||
| HQ City | Phoenix, AZ | Gainesville, FL | San Diego, CA | - |
| Deal Date | 18 Apr 2024 | 31 Jan 2017 | 31 May 2016 | 12 Jan 2016 |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed |
| EV/Revenue | ||||
| EV/EBITDA | ||||
This data is available for Pro users. Sign up to see all DrFirst acquisitions and their M&A valuation multiples. Start Free Trial | ||||
DrFirst Competitors
DrFirst competitors include listed companies like B-Soft Co. and Phreesia, and private ones like HeyDonto, Commure, Doctolib and Abridge.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $200M | - | ||
| Private | $200M | - | $7B | 35.0x | ||
| Private | $400M | - | $6.4B | 16.0x | ||
| Private | $117M | - | $5.3B | 45.3x | ||
| Publicly listed | $157M | ($37M) | $769M | 4.8x | ||
| Publicly listed | $481M | $27M | $638M | 1.3x |
DrFirst Public Comps
DrFirst is still privately-owned, but its public comps include B-Soft Co., Phreesia, Heren Health, Veradigm, Software Service, Vitalhub, Goodwill E-Health Info, EM Systems Co., Eucalia and CE Holdings.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $157M | ($37M) | 4.7x | 4.8x | (20.0x) | (20.0x) | |||
| $481M | $27M | 1.3x | 1.3x | 23.2x | 5.3x | |||
| $65M | $11M | 7.4x | - | 42.4x | - | |||
| $588M | $54M | 0.9x | 0.9x | 9.8x | 6.8x | |||
| $272M | $60M | 0.9x | 0.8x | 4.1x | 5.9x | |||
| $78M | $10M | 3.2x | 2.7x | 23.5x | 10.7x | |||
| $60M | ($35M) | 5.8x | 5.6x | (10.1x) | (19.1x) | |||
| $152M | $31M | 1.5x | 1.6x | 7.2x | 9.0x | |||
This data is available for Pro users. Sign up to see all DrFirst competitors and their valuation data. Start Free Trial | ||||||||
Common questions about DrFirst
| When was DrFirst founded? | DrFirst was founded in 2000. |
| Where is DrFirst headquartered? | DrFirst is headquartered in Washington, DC, United States. |
| Is DrFirst publicly listed? | No, DrFirst is a private, VC-backed company. |
| How much funding has DrFirst raised? | DrFirst has raised $164M across 4 funding rounds. |
| What was DrFirst's last funding round? | DrFirst's last funding round was a $50M undisclosed-stage round in May 2021, led by Sixth Street. |
| Who are DrFirst's investors? | DrFirst's investors include Sixth Street and Goldman Sachs. |
| Which companies are comparable to DrFirst? | Companies comparable to DrFirst include HeyDonto, Commure, Doctolib, Abridge, B-Soft Co. and Phreesia. |
| How many companies has DrFirst acquired? | DrFirst has acquired 4 companies, including Myndshft Technologies, VisibilityRx, The IN Group and iPrescribe. |
See companies similar to DrFirst
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




