Figure 1 has closed its series A at $4m.
Figure 1, a Ryerson University startup, has closed its series A at $4m. The round was led by Union Square Ventures and included Version One Ventures and Rho Canada Ventures. The company also attracted a new angel investor, Jevon MacDonald, who joins previous angel investors Zen Chu, Matt Wyndowe and Daniel Debow.
As part of the investment deal, Andy Weissman, partner at Union Square Ventures, will join Figure 1′s board. Boris Wertz, founder and general partner at Version One Ventures, will also become a boardmember. Zen Chu meanwhile will join as independent director.
The startup is a social network for healthcare professionals, who can share and discuss medical images on the platform. Figure 1 currently counts more than 125,000 users at thousands of hospitals, and has recruited medical and nursing students at some 200 schools. These include the John Hopkins University School of Medicine, Pennsylvania University School of Medicine and Columbia University Medical Centre.
The company launched in May 2013 and since then about a hundred million images have been viewed. With Union Square as a lead investor it has managed to attract a firm that has made early investments in a lot of social media and mobile app successes, including Twitter, Tumblr and Kickstarter.
Figure 1 is looking to use the money to expand its team in the near future.
Gregory Levey, chief executive at Figure 1, said: “We are laser-focused on making Figure 1 indispensable for healthcare professionals – and these new resources will be 100% dedicated to this mission. In Union Square Ventures, we have investors who have a long-term and product-focused view of the world, which is why we are thrilled to work with them.”
