The Rounds announced the investment this week, and noted that it brings its total funding to $7.8 million CAD since its inception.
“This round of funding recognizes that the medical community needs to catch up to other industries.”
– Tim Rice, The Rounds CEO
Founded in 2012, The Rounds (whose corporate name is Boondoc Technologies) provides an online collaboration network for physicians and healthcare professionals to discuss various medical topics in specialized groups named “Communities.”
Multinational pharmaceutical companies and medical associations also use The Rounds’ network to deliver digital campaigns and scientific content to an audience of verified healthcare professionals, according to the startup.
In its goal to become a Canadian market leader in healthcare collaboration, The Rounds has established industry relationships with national governing bodies like the Pharmaceutical Advertising Advisory Board (PAAB) and Innovative Medicines Canada (IMC).
“The Rounds provides a sense of empowerment for medical providers to access information from peers, experts, governing bodies, and the life science industry,” said Tim Rice, CEO of The Rounds. “This round of funding recognizes that the medical community needs to catch up to other industries.”
Rice joined The Rounds in 2016 as its vice president of sales and marketing and was promoted to become CEO in 2018. He previously worked at global pharmaceutical company Novartis for over a decade, starting out as a medical sales representative in 2001 and leaving as associate sales director in 2016.
As part of The Rounds’ latest funding round, the startup said it intends to make several strategic hires across its marketing, sales, and engineering teams.
Previously, The Rounds secured $499,500 from the Atlantic Canada Opportunities Agency last year, building on the ACOA’s $500,000 investment into The Rounds in 2016. Additionally, The Rounds raised $1 million in seed financing in 2014.
Last year, The Rounds was selected to participate in the fall 2021 cohort of Scale-up Hub Atlanta, as well as the SoCal Tech Highway Digital Health Program.
Featured image courtesy of The Rounds.