Roundtrip Secures $5.1M Series A Funding to Enhance Non-Emergency Medical Transportation Platform and Boost Patient Appointment Adherence

VCBeat (WeChat Official Account: vcbeat) has learned that healthcare transportation company RoundTrip recently announced the completion of a $5.1 million Series A financing round. The round was led by Motley Fool Ventures, with participation from Ben Franklin Technology Partners and Johns Hopkins University. The funds will be used to expand the company’s technology and sales teams and to optimize its software capabilities.

RoundTrip, founded in 2016, is a digital platform company specializing in healthcare transportation. It enables patients and caregivers to book non-emergency medical transportation (NEMT) services. RoundTrip directly connects patients with NEMT providers, allowing them to on-demand book medical sedans, wheelchair-accessible vehicles, stretcher vans, and other specialized vehicles at any time, or to schedule rides weeks or months in advance.

Every day, 10,000 patients miss or delay care due to transportation barriers. “The unique needs of passengers are overlooked, and the capabilities of medical transportation providers are underestimated, resulting in more than 30% of medical appointments being missed in the United States alone,” said Mark Switaj, CEO and founder of RoundTrip.

Most members of the RoundTrip team come from healthcare and nursing backgrounds, bringing extensive experience in medical transportation. This digital platform addresses the needs of millions of patients awaiting transport and care. Reportedly, the no-show rate for medical appointments among RoundTrip users is below 4%, compared to a national average of 20% in China. RoundTrip maximizes connectivity between drivers and patients, ensuring smooth and reliable travel for medical visits.

“RoundTrip’s business model aligns perfectly with our current investment thesis,” said John Keeling, Senior Vice President of Business Development at Motley Fool Ventures. “The company’s market traction and the professional expertise of its management team were key factors in our decision to lead this financing round.”

Companies partnering with RoundTrip, Hitch Health, Lyft, and other medical transportation providers have noted that the emergence of these digital healthcare transportation platforms has led to higher patient adherence to scheduled appointments, significantly reducing the time and costs wasted due to no-shows. Notably, Lyft recently announced new partnerships to extend its services into Medicare Advantage plans. Meanwhile, LogistiCare acquired the medical transportation company Circulation last September, adding new strength to its already extensive transportation network.

Motley Fool Ventures is an early-stage venture capital fund with a technology focus, headquartered in Washington, D.C., United States. Motley Fool Ventures has built a community of venture investors, leveraging the collective wisdom of more than 800 business leaders, entrepreneurs, and advisors to primarily invest in technology companies at the Series A financing stage with annual revenues ranging from $5 million to $50 million.

Ben Franklin Technology Partners was established with funding from the Ben Franklin Technology Development Authority, under an initiative of the Pennsylvania Department of Community and Economic Development. The organization provides capital, expertise, and a network of resources to help innovative companies compete in global markets, create wealth, and support regional economic growth. Ben Franklin has invested more than $165 million in over 1,750 regional companies across all technology sectors.

(Compiled by Wang Yue)