$50 Million Follow-on Equity Investment from Sixth Street Growth Caps $135 Million Total in 2020-21 for DrFirst
Investors attracted to DrFirst’s industry-changing portfolio of digital healthcare solutions that connect stakeholders in real time to improve patient outcomes and increase workflow efficiency
ROCKVILLE, Md.–(BUSINESS WIRE)–Health technology pioneer DrFirst today announced the closing of a $50 million equity investment from Sixth Street Growth, the growth investing platform of Sixth Street, a leading global investment firm. Following Sixth Street’s previous $35 million investment and another $50 million from Goldman Sachs Growth, both in 2020, DrFirst’s investment total over the past year is now $135 million.
DrFirst solutions are used by nearly 300,000 healthcare professionals, including more than 100,000 prescribers, nearly half of the electronic health record (EHR) systems in the U.S., and more than 1,400 hospitals in the U.S. and Canada. The company’s sustained business growth, long-standing work with leading health systems, expanding customer base, and proven leadership in the digital health solutions market underscore the investments.
Idea-driven product development is a hallmark of DrFirst, which strives to connect people at touchpoints of care with the information they need to improve patient outcomes. It has pioneered solutions for e-prescribing and medication management, care collaboration, medication adherence, and price transparency for prescriptions and medical procedures.
James F. Chen, CEO and chairman of DrFirst, founded the company in 2000 to tackle some of the most challenging issues in healthcare, starting with e-prescribing and progressing to its current portfolio of solutions, which encompasses telehealth as part of care collaboration and patented artificial intelligence (AI) that improves the accuracy of patient medication history.
“The follow-on investment from Sixth Street Growth signals their deep commitment to DrFirst as we continue to bring practical, collaborative tools to market that solve daily problems among healthcare stakeholders, including clinicians, patients, hospitals, ambulatory practices, pharmacies, and payers,” said Chen. “We’re also thrilled to have Sixth Street join our Board as an innovation-minded partner that understands the value and impact of secure information sharing in improving patient outcomes.”
Sixth Street Growth, which has a dedicated team focused on partnering with growing healthcare technology companies, is making its second investment in DrFirst in seven months.
“Software that improves healthcare workflows has been a long-term theme for our team, and DrFirst stands out as a scaled and differentiated enterprise technology platform providing high-quality, user-friendly technology solutions,” said Michael McGinn, partner and co-head of Sixth Street Growth. “Their offerings help physicians provide better, more informed care, which ultimately accrues to the benefit of patients and all healthcare stakeholders.”
Lee Mooney of Sixth Street has joined DrFirst’s Board of Directors.
DrFirst’s groundbreaking solutions serving the “Healthiverse”—the interconnected healthcare universe—have earned numerous awards and recognitions, including most recently, MedTech Breakthrough’s 2021 Artificial Intelligence Innovation Award and 2020 Best New e-Prescribing Solution Award, and Honorable Mentions in Fast Company’s AI & Data and Health categories of its 2021 World Changing Ideas Awards. DrFirst recently announced that its RxInform solution for patient educational information and prescription drug savings is available in the Epic App Orchard.
About DrFirst
Since 2000, DrFirst has pioneered healthcare technology solutions and consulting services that securely connect people at touchpoints of care to improve patient outcomes. We create unconventional solutions that solve care collaboration, medication management, price transparency, and adherence challenges faced in healthcare. We unite the Healthiverse—the interconnected healthcare universe—by providing our clients with real-time access to the information they need, exactly when and how they need it, so patients get the best care possible. DrFirst solutions are used by nearly 300,000 healthcare professionals, including more than 100,000 prescribers, nearly half of the EHRs in the U.S., and more than 1,400 hospitals in the U.S. and Canada. To learn more, visit www.DrFirst.com and follow @DrFirst.
About Sixth Street Growth
Sixth Street is a global investment firm with over $50 billion in assets under management and committed capital. Sixth Street Growth is the firm’s dedicated platform for making private investments in growth-oriented companies. The Sixth Street Growth team partners with companies and management teams to provide bespoke, accretive financing solutions that often fall between traditional growth equity and commercial debt. Sixth Street has invested over $4 billion in more than 40 companies in its growth investing strategy since inception. Select current and past representative Sixth Street Growth investments include Airbnb, AvidXchange, AvePoint, Gainsight, and MDLive. For more information, visit www.sixthstreetgrowth.com or follow us on LinkedIn.
About Goldman Sachs Growth Equity
Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities, and investment management firm. Goldman Sachs Asset Management is the primary center for the firm’s long-term principal investing activity. Goldman Sachs Growth Equity is the dedicated growth equity team within Goldman Sachs, with over 25 years of investing history, over $8 billion of assets under management, and nine offices globally. For more information, please visit www.growth.gs.com.
Contacts
For DrFirst: Alessandra Nagy, alessandra@bospar.com
For Sixth Street: Patrick Clifford, pclifford@sixthstreet.com
