OnlineMedEd, a digital healthcare learning platform, has raised $5 million in a seed funding round to expand its educational content beyond medical schools.
The Austin-based startup secured the fresh capital from an undisclosed network of physician investors.
Founded in 2014 by Jamie Fitch and Dustyn Williams, OnlineMedEd provides a clinical learning platform for a broad spectrum of healthcare learners to gain knowledge needed for board exams and clinical practice. It creates educational flashcards, residency guides, clinical video programs and more for students and healthcare professionals at all levels. Its materials are developed by physician educators and peer-reviewed by outside experts. In addition to being used by individual medical students, OnlineMedEd’s products are institutionally used by several universities in the US and many around the world.
According to its CEO, Jamie Fitch, more than 86% of medical students in the United States today use OnlineMedEd to supplement knowledge needed to pass their board exams as well as in their clinical practice. While OnlineMedEd averages about 200,000 users each month, the company said the number of monthly visitors to its platform has doubled to more than 450,000, and its watched video minutes too over the past few months in light of the COVID-19 pandemic. It said that in April alone students from 191 countries watched 27 million minutes of videos on its site, which it claimed is double its normal watch count.
Commenting on the funding, Jamie Fitch, Co-founder and CEO, OnlineMedEd, said in a statement,
“We’re excited to leverage our investors’ clinical expertise, professional networks, and business resources as we grow into new markets beyond medical school.”
The company plans to use the new funding to further develop content that is relevant to a spectrum of students and healthcare professionals living across the globe, to build partnerships with faculty and healthcare organizations, and to create a better user experience.
OnlineMedEd has surpassed $10 million in revenue, and continues to grow at a rate of about 60% year over year, according to Crunchbase, quoting one of the investors.
Looking forward, the company plans to ensure professors and healthcare providers are getting the support they need to go entirely online. One of its newest offerings is ‘Crash Course in Medicine’, a suite of 48 free online video lessons to help redeployed medical professionals get up to speed on today’s medical knowledge.
The Austin-based company also plans to increase its university partners. It has more than 50 partners currently. It also plans to grow to 75 people by the end of the year.