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Venture capital

Roundtrip just raised a $5.1M Series A to double in size

The round into the medical transportation company was led by Alexandria, Va.-based Motley Fool Ventures with participation from an unnamed, Boston-based healthcare software company and existing backers.

RoundTrip in 2017. (Courtesy photo)
Correction: Roundtrip is based in Old City, not Center City. (5/1/19, 9:42 a.m.)

Old City’s Roundtrip, makers of an on-demand transportation platform for the healthcare space, announced Wednesday it closed a $5.14 million Series A.

The company aims to double its staff of 26, currently split between Philadelphia and Richmond, Va., with the money. The funding will also let the company enhance its software capabilities.

Founded in 2016, Roundtrip makes a digital platform that connects patients, care managers and relatives or friends with a way to book and pay for non-emergency medical transportation options. Think rideshare trips, but also facility-owned vehicles, volunteer drivers, wheelchair vans and other specialty vehicles.

Alexandria, Va.-based Motley Fool Ventures led the company’s round with “major participation from a multi-billion dollar international healthcare software and medical device company” based in Boston.

Ben Franklin Technology Partners of Southeastern Pennsylvania and Johns Hopkins University, investors in Roundtrip’s $1.9 million seed round closed last year, also joined the round.

Roundtrip CEO and Founder Mark Switaj said partnering with Motley Fool Ventures offered the company “an expansive base in healthcare” and expertise in scaling marketplace models.

“The riders’ unique needs and medical transportation providers’ capabilities have been siloed and misrepresented, resulting in upwards of 30% missed medical appointments in the U.S. alone,” Switaj said.

Through the company’s platform, the founder said, it’s possible to unify data from patient’s medical record and healthcare provider, medical transportation options and rideshare companies, and the appropriate payer, like any billable insurance.

“It was clear to us early on that Roundtrip would be a perfect fit for our current investment thesis,” said Motley Fool Ventures’ SVP of business development, John Keeling. “The company’s initial traction, continuously expanding market, and the variety of expertise in Roundtrip’s management team were the key factors in our decision to lead their Series A.”

Companies: Roundtrip

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