Medical startup ZocDoc Inc. named Edward Liu, a former Morgan Stanley investment banker, as its new chief financial officer as it looks to grow its business.
Mr. Liu served as co-head of technology banking for the Americas at Morgan Stanley for about five years before joining ZocDoc on Monday. In his new role, he succeeds Netta Samroengraja, who was CFO of the New York-based company for 11 years. She is moving into a newly created role of chief corporate development officer, the company said.
Mr. Liu during his tenure at Morgan Stanley advised a number of tech and e-commerce companies on their public listings, including online pet-supply store Chewy Inc. in 2019. He also advised software company Red Hat on its $34 billion sale International Business Machines Corp. that same year. In 2015, he advised ZocDoc on a funding round.
Mr. Liu joins ZocDoc, which allows consumers to schedule medical appointments online, after it recently overhauled its pricing model. It previously charged practitioners a subscription fee of $3,000 a year to use the platform. Since January 2020, it has charged between $40 and $140 per new patient, in an effort to expand its customer base and attract smaller practices.
ZocDoc adjusted its product offering because of the pandemic, said Oliver Kharraz, the company’s founder and chief executive. The company in April 2020 began allowing consumers to book telehealth appointments. The following month, it launched a service that enables medical providers to meet patients using the ZocDoc app.
“Now that that’s in the rearview mirror for us, it’s now about scaling up and building for greatness,” said Mr. Kharraz.
ZocDoc’s new CFO Edward Liu.
Photo: Chris Bentley
Mr. Kharraz declined to comment on whether ZocDoc is exploring an initial public offering, saying he is focused on building the company. He also declined to say if the company planned to raise additional capital.
ZocDoc in February received $150 million through a debt-and-equity financing from investment firm Francisco Partners. That is in addition to $220 million in equity funding the company previously raised from investors including Khosla Ventures and Founders Fund, it said.
Mr. Liu said his first priority in his new role will be to spend time meeting with his finance team, senior management and the board. He also plans to help the company establish growth priorities now that it has a new pricing model in place, he said. ZocDoc employs 650 people, including about 20 people in finance.
Scott Eisenberg, an investor with Francisco Partners, praised Mr. Liu’s experience advising other tech companies. “His intellectual library of what are best practices for a financing organization—he’s just going to be able to roll them out,” Mr. Eisenberg said.
Write to Kristin Broughton at [email protected]
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