Singapore-based digital health platform Doctor Anywhere has closed a S$88 million ($65.3 million) Series C round led by Asia Partners, confirming an earlier report by DealStreetAsia.
According to a statement by the firm, the round attracted strategic investors such as Denmark’s Novo Holdings, the Netherlands’s Royal Philips and Malaysia-based OSK-SBI Venture Partners. Existing investors EDBI, Square Peg Capital, IHH Healthcare, Kamet Capital and Pavilion Capital also re-upped in the round, bringing the total capital raised to date by the startup to over $140 million.
Oliver Rippel, co-founder and partner of Asia Partners, and Dr Amit Kakar, senior partner and head of Novo Holdings Equity Asia, will join Doctor Anywhere’s board of directors as part of the transaction.
The proceeds will be used to deepen Doctor Anywhere’s presence in its five existing markets, namely Singapore, Vietnam, Malaysia, Thailand and the Philippines.
It will also look at expanding its offering in three key areas – mental health, home-based services, and specialist consultation – in addition to its existing telehealth and online pharmacy units. The firm currently generates revenue through consultation fees, drug sales and platform fees.
Doctor Anywhere will also keep an eye out for merger and acquisition (M&A) opportunities. “Potential M&A targets may be competitor platforms, traditional clinics, medical centres and pharmacies,” said Lim Wai Mun, chief executive and founder at Doctor Anywhere.
Doctor Anywhere today counts close to 2,800 doctors and medical professionals within its network and has served over 1.5 million users across Southeast Asia. It recently launched tech hubs in Bangalore, India and Ho Chi Minh, Vietnam.
Lim acknowledged that the COVID-19 pandemic had a crucial part to play in boosting demand for its services as well. “Our transactions have jumped 5x in the last year, way surpassing our targets. We thought this was something we were going to hit in 2-3 years,” Lim said.
“We are deeply impressed by what Wai Mun and his team have accomplished in such a short period of time,” said Rippel, co-founder of Asia Partners. “As our region’s leading omnichannel healthcare innovator, DA is helping the healthcare industry rise to the occasion for the challenges and opportunities in the decade ahead.”
Digihealth and telemedicine have since seen a surge of interest from investors in Asia and globally, driven by the urgent need to provide basic healthcare remotely due to the pandemic-imposed social distancing norms and movement curbs.
A number of Southeast Asian digital health firms have raised rounds in recent months, several of which have drawn the interest of institutional investors such as Temasek and strategic investors such as Novo Holdings and UOB Asset Management. These include Singapore homecare startup Homage, Malaysia’s Naluri Health, and Indonesia’s telehealth platforms Halodoc and Alodokter.