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Medical startup ZocDoc Inc. has named Edward Liu, a former Morgan Stanley investment banker, as its new chief financial officer as it seeks to grow its business.

Mr. Liu was 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 served as the New York-based company’s chief financial officer for 11 years. She is in a newly created position as head of corporate development, the company said.

During his tenure at Morgan Stanley, Mr. Liu advised a number of technology 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 International Business Machines sale. 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 recently overhauling its pricing model. It previously charged practitioners a $3,000 per year subscription to use the platform. As of January 2020, it charges between $40 and $140 per new patient, with the goal of expanding its client base and attracting smaller practices.

ZocDoc has adjusted its product offering due to the pandemic, said Oliver Kharraz, the company’s founder and chief executive. In April 2020, the company began allowing consumers to book telehealth appointments. The following month, it launched a service that allows medical providers to meet with patients using the ZocDoc app.

“Now that’s in the rearview mirror for us, it’s now about scaling up and building for greatness,” Mr. Kharraz said.

ZocDoc’s new CFO, Edward Liu.


Photo:

Chris Bentley

Mr. Kharraz declined to say whether ZocDoc was considering an initial public offering, saying he was focused on building the business. He also declined to say whether the company plans to raise additional capital.

ZocDoc received $150 million in February through debt and equity financing from investment firm Francisco Partners. This is in addition to the $220 million in equity funding the company previously raised from investors including Khosla Ventures and Founders Fund, he 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 set priorities for growth now that it has implemented a new pricing model, he said. ZocDoc employs 650 people, including twenty people in finance.

Scott Eisenberg, an investor at Francisco Partners, praised Mr. Liu’s experience advising other technology companies. “His intellectual library of best practices for a fundraising organization — he’s just going to be able to deploy them,” Mr. Eisenberg said.

Write to Kristin Broughton at [email protected]

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Appeared in the August 3, 2021 print edition as “ZocDoc CFO Hails From Morgan Stanley”.