by Josh Stein, Managing Partner, Threshold Ventures
All of us at Threshold are thrilled to congratulate Doximity on the successful completion of its initial public offering, a major milestone in its journey to help physicians provide better care for patients. Since investing in 2014, it has been awesome to watch co-founders Jeff Tangney, Dr. Nate Gross, and Shari Buck build their business into the market leader that it is today.
Over a decade ago they had a vision to create and serve the largest professional network for medical professionals. Without a doubt, they’ve succeeded. They built a world-class digital platform for medical professionals to collaborate with colleagues, stay current with research, navigate their careers and even conduct virtual patient visits. Doximity has had a major impact in how care is delivered, to the benefit of physicians and patients alike, and we’re thrilled to watch them celebrate their success by ringing the bell at the NYSE today.
Threshold’s roots with Doximity run deep. Jeff and I have known each other for more than 20 years, starting back when we were classmates at Stanford Graduate School of Business. Before I’d even started in venture capital, my partner Andreas Stavropoulos backed Jeff at Epocrates, his first company, which also went on to be a successful public company.
Jeff’s common vision at both companies has always been to “put the physician first” and to put technology to work for doctors and not the other way around. In the case of Doximity, medical professionals now have access to the largest medical professional network in the nation with over 80% of all US doctors, 50% of nurse practitioners and physician assistants, and over 90% of graduating medical students using the platform.
Doximity is an incredible business with amazing growth and profitability driven from its multiple offerings and services, supporting the healthcare industry with innovative technologies for hiring, marketing and telehealth. Doximity was started in 2010 but looking ahead, it feels like they’re just getting started. At Threshold we’re huge believers in the potential for technology to bring dramatic improvement to this massive market and have made more than a dozen investments in the sector such as Livongo (NYSE: TDOC), led by my partner Emily Melton.
It is awesome to see Nate, Jeff, Shari, and the Doximity team build such a substantial and active community, and deliver on their commitment to make technology work for medical professionals. On behalf of all of us at Threshold, congratulations on today’s IPO and we can’t wait to see what lies ahead!