The funding is one of the largest for a Singapore health tech startup within two years of launch.
Singapore-based health tech company Doctor Anywhere has closed its Series B at US$27 million, in one of the largest financing rounds within two years by a Singapore health tech startup, the company announced in a statement today.
It added that the round was led by Australian venture capital fund Square Peg, Singapore-based global investment firm EDBI, and one of Asia’s largest healthcare providers IHH Healthcare Berhad.
The statement added that Doctor Anywhere’s total funding haul now stands at over $40 million. Temasek’s Pavilion Capital and existing investor Kamet Capital also participated in the round.
“The latest capital will be used to further reinforce our existing presence in Singapore, Thailand and Vietnam, and facilitate expansion into new markets like Malaysia and Philippines in 2020,” Doctor Anywhere Founder and CEO Lim Wai Mun tells Jumpstart.
“This will include scaling our technology infrastructure, building and incorporating big data capabilities into our platform and relevant products, and growing our network of general healthcare practitioners and healthcare specialists–all through further talent acquisition and partnerships,” he adds.
Launched in 2017, Doctor Anywhere is a digitized healthcare solutions platform that allows users to consult a licensed doctor through an app, avail door-delivered medication, and shop for wellness products through the DA Marketplace app.
Doctor Anywhere has a presence in Southeast Asian markets such as Vietnam and Thailand, which Lim says remain largely unhurt by travel restrictions due to the digital nature of the startup’s product. The solution amassed over 1 million users in the past year, and the startup gained momentum through partnerships with several large companies including AXA Insurance and GO-JEK.
“Our teams across the region are strongly aligned on our core mission of bringing healthcare closer to the people… and by working closely together with our strong network of business partners and investors, we are confident that we can stay the course on our expansion plans,” he says.
On the home front, Lim mentions that Doctor Anywhere works closely with the Singapore Government on virtual health prospects in Singapore, running eight clinics across the island nation.
He adds that the COVID-19 health emergency has led to a two-to-three-fold increase in business for the startup, with a high rate of return for those who have tried telehealth for the first time.
“For many who believe that they need doctors to assess them physically to provide an accurate diagnosis–which is not the case for many common primary ailments–the situation has removed their barriers to telehealth usage, almost overnight,” he says.
He notes that the current strain on the public health system is another situation that can be alleviated by telehealth, adding that Doctor Anywhere also works to “digitally [serve] COVID-19 health advisories, updates, tips, and reminders to the user base.”
Lim is confident that the new funding infusion will allow Doctor Anywhere to maintain their momentum and carry out strategic goals for the year, but also emphasizes the importance of caution in the coronavirus era.
“While Doctor Anywhere has always ensured that we operate with sound unit economics, the COVID-19 situation does reinforce the need for us to continue to use capital wisely and in a sustainable manner, and to ensure that we continue to generate economies of scale and remain profitable per transaction,” he says.
Header image courtesy of Doctor Anywhere.