DUBLIN, Ireland, Sept. 15, 2021 /PRNewswire/ -- WebDoctor, the Irish health technology platform, has received a $3.54 million investment from VentureWave Capital, the venture private equity investor that focuses on entrepreneurial companies with high impact potential. The investment gives a valuation of $56.6 million to the business and will be used to accelerate WebDoctor's international growth and expansion and the scaling of the sales, marketing, product and technology teams.
WebDoctor is a leading health technology business and telehealth platform which enables engagement and collaboration between healthcare practitioners and their patients. Since its establishment in 2013, the company has processed over three million bookings to GP's, pharmacies and other health-related clinics and has registered almost ten per cent of the Irish population as patients on its platform. In response to Covid-19, the year on year increase in GP appointments has risen from 68,000 in 2020 to 125,000 in the current year.
WebDoctor was originally founded when brothers Oisin and Howard Kim and co-founder Martin Commins helped a family friend, Dr Sylvester Mooney, transform his medical clinic's business. Today WebDoctor enables doctors to conduct their day-to-day operations virtually and to automate their booking and payment processes; and patients can attend virtual consultations at a lower cost than in-person appointments.
The demand for telehealth during Covid has skyrocketed with WebDoctor itself experiencing a 75% increase in revenue from 2019 to 2020. VentureWave Capital's team will work alongside WebDoctor executives, including newly appointed CEO David Crimmins, to drive the company's post-pandemic growth and its expansion into new markets. CEO David Crimmins, formerly of ResMed, the global leader in connected medical devices, has previously launched and marketed products internationally, with P&L responsibility for multimillion euro budgets. VentureWave Capital Chairman and Managing Partner, Alan Foy, will join WebDoctor's board of directors.
WebDoctor is consistent with the objectives of VentureWave Capital to deliver social outcomes in its investment mandate. These include reduced cost and easier accessibility for patients, support for healthcare professionals seeking flexible work arrangements and reduced carbon emissions through fewer journeys to and energy costs at GPs' clinics.
Alan Foy, Chairman and Managing Partner VentureWave Capital, said: "We are excited to invest in WebDoctor - a successful, scaling Irish health technology business with a really strong team of promoters and entrepreneurs. WebDoctor is a great example of an Irish company with an excellent market opportunity, proven team and exemplary technology / product platform. We look forward to supporting the team in their future scaling. We are confident the team will drive new opportunities to make an impact on the next phase of their successful journey".
Kieran McLoughlin, VentureWave Capital Managing Partner said: "Our Global and Irish investors are committed to backing great companies that generate both financial and social returns. Together with David and the WebDoctor team, we have set significant Impact goals for the next 10 years including serving 15 million patients and supporting 500 healthcare professionals seeking flexible work. WebDoctor's business is aligned with our fundamental objective of generating profit with a purpose."
David Crimmins, CEO, WebDoctor stated: "VentureWave Capital's investment comes at a pivotal time for WebDoctor, enabling us to meet the exponential growth of the telehealth market and operate on an international scale. This is an exciting time for the company as we look to build upon our success working with partners in Ireland, the UK, Germany, Australia by driving the business internationally."
Noel McSweeney, Chairman, WebDoctor said: "Against the backdrop of Covid-19 the team has been working on the strategic development of the business and the investment by VentureWave Capital is a clear recognition of our potential as we look towards a positive future."