Series B funding typically ranges from $6M–$15M. Raised from venture capital markets or private equity investors, this round of funding occurs after a company has encountered and successfully surmounted several challenges in developing its business.
PokitDok is a cloud-based application program interface (API) platform that powers healthcare interoperability. Third-party developers such as payers, health systems, and digital health companies who license the PokitDok platform can easily create new apps to streamline healthcare transactions, with the intention of creating better experiences and bending the cost curve down. PokitDok CEO, Lisa Maki, says that there are over 2,400 applications on their platform today. “That’s what excites me,” says Maki, “people pulling these services together in ways that we can’t even imagine.”
Financial transparency and savings are a significant aspect of the PokitDok mission. Maki recently announced that all clearinghouse transactions on PokitDok’s X12-compliant API, such as preauthorizations and submitting or checking claims, would be completely free of charge, effective immediately. With modern technology and cloud services, the cost of moving data from point A to point B is now “close to zero,” she said. “So we want to start passing that savings back to all of you.”
How I raised $1.3M in seed funding in 8 months as a woman in Silicon Valley
STOP WORRYING about appearing as an outsider in your field and focus on your strengths (most Silicon Valley seed-stage startups are filled with young men in their twenties). Focus on what you can affect—your idea, pitch, team, tech, and timing. You’ll make a difference by executing and succeeding. If you are a woman and your target audience is too, use that to your advantage. No one knows your audience better than you do.
PREPARE by educating yourself on incorporation, funding, operations, and everything else about your company. You will need to be able to answer questions about your company in any period of time and in any order, so do yourself a favor and learn it in your bones. Or, as my sensei sometimes required when we practiced sparring, pitch blindfolded.
DON’T FOLLOW the herd and don’t worry if your “raise” doesn’t look as large or come as quickly as that of others (don’t chase an outcome you can’t realistically achieve). Focus on investors who will evaluate you and your business outside of the flash funding lens and on the merits of your team, tech, and timing.
LEARN TO JUDGE people quickly and well. I have amazing women on my team who move mountains every day to build our company. Three of our advisors are women who dominate their field. However, the only people who have invested their money in our company, and in me, are men. Men are not our enemy, they are our allies. Find the good ones, male or female, and discard the rest. And never waste time on anyone who wastes your time.