Johns Hopkins University has invested in medical transport booking platform Roundtrip, a graduate of JHU-backed accelerator M-1 Ventures.
Roundtrip, a US-based medical transport booking service and graduate of Johns Hopkins University (JHU)-backed accelerator M-1 Ventures, today closed a $5.1m series A round which featured the university.
Motley Fool Ventures, the VC vehicle launched by financial advisory service Motley Fool, co-led the round with an unnamed US-based medical IT and device firm, with the remaining capital coming from seed fund Ben Franklin Technology Partners of Southeastern Pennsylvania.
Founded in 2016, Roundtrip operates an online marketplace through which non-emergency medical transport can be arranged for patients, relatives and caregivers.
The platform uses data from the patient’s healthcare provider and medical record to find a suitable vehicle, for instance through ride hailing, hospital or specialist providers, before automatically assigning the bill to the relevant payer or insurance plan.
Roundtrip will use the money to upgrade its software and double its headcount to 52, with recruitment in sales, engineering and account management.
JHU previously featured in Roundtrip’s $1.9m seed round in April 2018 together with Ben Franklin Technology Partners, philanthropic investment office Abell Foundation and investment management firm Brown Advisory, the latter two of which also backs M-1 Ventures.
John Keeling, senior vice-president of business development at Motley Fool Ventures, said: “It was clear to us early on that Roundtrip would be a perfect fit for our current investment thesis.
“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.”