Guard Capital, Aurora Venture Capital and Bright Capital Digital (BCD) have invested $3m in Doktor na Rabote (Doctor At Work), the operator of an online network for Russian physicians.
The capital injection valued the company at $16.5m.
A portion of the funds supplied by existing backers Guard, Aurora and BCD has gone towards buying out the minority stakes previously held by Doktor na Rabote's initial investors. To date, the company has raised a total of $4.8m from a consortium of venture capital funds and private investors.
The fresh funding will enable Doktor na Rabote to further develop its service for physicians. The company will also put the money to work towards attracting new members; its aim is to have half of the doctors in Russia as members of its site. Currently, a quarter of all doctors in Russia use doktornarabote.ru, according to the business.
The company will also prioritise the growth of its mobile offering, as a third of its current user base use mobile devices to access the doktornarabote.ru network.
Founded in 2009 and based in Moscow, Doktor na Rabote operates the professional network site doktornarabote.ru for Russian doctors, with more than a quarter of all doctors in Russia registered as users of the site, according to the company.
As of February this year, the company counted more than 209,000 physicians registered on its network. It generated revenues of approximately $1.5m in 2013.
The company also owns and operates Russian medical-student social network Medcampus – currently with more than 100,000 users – and Smartpharma, a Russian network for pharmacists.
Due to regulations and laws of the Russian Federation, Doktor na Rabote claims that doktornarabote.ru is one of the few legal channels for promoting prescription drugs.
Stanislav Sazhin is the founder and CEO of Doktor na Rabote. Pavel Yunin is a managing director at Guard, while Vladimir Grigorashenko is an investment manager with the firm. Gleb Kaplun is an associate partner at BCD and Vsevolod Topolyansky is a managing director at Aurora.
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