The Medical Certification and Publishing Market is a $3.6B market. Yet, there are no household names associated with the space. Board Vitals, hot off a fresh capital raise is planning to change that. The NYC startup is already one of the leading test platforms for medical specialty board exams. The company has built a massive database of up-to-date and relevant question banks for various medical specialties by aggregating content medical content from leading institutions by using machine learning combined with crowd curation. Founded in 2012, the Blueprint Health alumni company has an impressive roster of clients including Harvard, Yale, and the VA Hospital Network.
Today we sit down with Dan Lambert, CEO, cofounder, and 2015 NYC Venture Fellow to discuss the future plans for the company and the funding.
Who were your investors and how much did you raise?
We just raised a Series A round of $1.1M from the growth equity group, Rock Creek Capital.
Tell us about your product or service.
BoardVitals offers question banks that prepare physicians and nurses for specialty examinations. BoardVitals brings together content from major publishers, universities, and individuals on an ongoing basis, making BoardVitals the largest and most up to date training ecosystem in Medicine.
What inspired you to start the company?
I watched my father, a Cardiologist, study for his certification exams over the past 20 years. Dr. Lambert was using outdated books, notes, and journals, and I recognized that medical education was hopelessly out of date and that a new business model could solve the problem.
How is it different?
BoardVitals is the first med-ed company to bring all of the industry silos together – from practicing doctors and nurses to major research facilities. This means that information is centralized and refined in a way that the industry has never done.
What market you are targeting and how big is it?
We are targeting the Medical Certification and Publishing Market. It is a $3.6B market.
What’s your business model?
Half of our revenue comes from direct to consumer sales and the other half comes from selling to institutions, such as hospitals, medical schools, and Universities.
What was the funding process like?
We went with a growth equity fund because we felt like they had the closest alignment to us as founders. Growth equity tends to operate with the existing management team and they shared our vision.
Growth equity required additional diligence beyond the normal Series A round, but we’re excited for a great partnership.
What factors about your business led your investors to write the check?
Team and Traction. A team that has had a previously successful exit makes a lot of difference during negotiation.
What are the milestones you plan to achieve in the next six months?
We plan to establish a $3M run rate and have over 50,000 doctors trained.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
The VC market can be very, very narrow. Don’t be afraid to look at other options – growth equity, private equity, and SBA loans can be great alternatives.
Where do you see the company going now over the near term?
We plan to continue growing the team and expanding the medical specialties that we cover.