The company has experienced a 500 percent growth in the business since the start of 2020.
The investment will significantly bolster DA's market leadership and its mission to transform the regional healthcare landscape through technology.
SINGAPORE, Aug. 31, 2021 /PRNewswire/ -- Doctor Anywhere (DA), a regional tech-led healthcare company headquartered in Singapore, announced today that it has raised its Series C financing round, led by growth equity investor Asia Partners. The round also attracted other investors including Novo Holdings, Philips and OSK-SBI Venture Partners.
At $88 million SGD (US$65.7 million), it is one of the largest private funding rounds ever raised by a healthtech company in Southeast Asia.
Existing investors also participated in the round, including Singapore-based global investor EDBI, Square Peg, IHH Healthcare, Kamet Capital and Pavilion Capital. This round brings the total capital raised by Doctor Anywhere since founding to more than $140 million SGD.
As a result of the financing, Oliver Rippel, Co-Founder and Partner of Asia Partners, and Dr Amit Kakar, Senior Partner, Head of Novo Holdings Equity Asia will come onboard DA's Board of Directors.
Since its launch in 2017, DA has grown exponentially to serve more than 1.5 million users across Southeast Asia. Over the past 18 months, the COVID-19 pandemic has also served as a catalyst to fast-track the adoption of telehealth services in the region, an innovation which enabled the healthcare industry to continue providing high-quality, affordable care to families through the crisis.
Lim Wai Mun, founder and CEO of Doctor Anywhere, said: "DA's mission is to be the largest tech-enabled omnichannel healthcare provider in Southeast Asia, and applying innovative technology to improving patient outcomes is core to our differentiated offerings. We are thrilled to attract the interest of a strong group of investors in this round, a significant milestone which is a testament to our vision and track record."
DA has built a strong ecosystem of payers, providers, and patients across its core markets. It has close to 2800 doctors and medical professionals within its network in the region, and it also works closely with major hospitals and healthcare institutions.
This latest investment will significantly bolster DA's market leadership and put the group in a leading position to further deepen its presence in its existing markets. It will also allow the group to expand into new markets, to drive its mission of transforming the regional healthcare landscape through technology.
"We will utilize this funding to further enhance our digital capabilities, and scale up on our ability to deliver quality healthcare seamlessly to our users in Southeast Asia," added Lim.
"We are deeply impressed by what Wai Mun and his team have accomplished in such a short period of time," said Oliver M. Rippel, a 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. We are proud to be partnering with DA to support its continued growth."
Kien T. Nguyen, a co-founder of Asia Partners, added, "DA is becoming a true regional leader in omnichannel healthcare, following the proven regionalization playbook of Southeast Asia's first generation of internet platform companies. The powerful combination of telehealth and offline care is deeply compelling to payers, providers, and patients across our region of 650 million people, and DA is leading the way."
Dr Amit Kakar, Senior Partner, Head of Novo Holdings Equity Asia, said: "We are very pleased to invest in DA and to support its mission to transform the regional healthcare landscape through technology. The pandemic accelerated a trend that was already gaining traction - the delivery of high quality, cost effective and highly accessible healthcare through digital means, regardless of where the patients are located. DA offers a leading approach to combining the online and offline realms of healthcare through an omnichannel strategy, bringing the delivery of patient care to the next level of tech-led healthcare. We look forward to leveraging this momentum and continuing to work with Wai Mun and his team, true leaders in this space."
Doctor Anywhere is currently available in Singapore, Malaysia, Thailand, Vietnam, and the Philippines. The group also recently announced the establishment of regional tech hubs in Bangalore, India, and Ho Chi Minh City, Vietnam.
About Doctor Anywhere
Doctor Anywhere is a regional tech-enabled, omnichannel healthcare company, on a mission is to make healthcare simple, accessible, and efficient for everyone. Doctor Anywhere's digital platform bridges gaps in the healthcare ecosystem through technology and innovation, enabling users to manage their health easily and effectively through the DA mobile app. Headquartered in Singapore and with a presence in six countries across the region, Doctor Anywhere now serves more than 1.5 million (and growing) users across Southeast Asia.
Profile of Series C New Investors
Based in Singapore, Asia Partners is a growth equity investment firm focused on technology and technology-enabled companies. Its US$384M fund, announced in March 2021, is the largest debut technology fund in Southeast Asia's history and included limited partners from six continents. Prior to co-founding Asia Partners, the Firm's six co-founders played leadership roles in Southeast Asia across Naspers, Sea Ltd, Bukalapak, eBay, and Vinamilk.
Based in Denmark, Novo Holdings A/S is a private limited liability company wholly owned by the Novo Nordisk Foundation. It is the holding company of the Novo Group, comprising Novo Nordisk A/S and Novozymes A/S, and is responsible for managing the Novo Nordisk Foundation's assets.
Novo Holdings is recognized as a leading international life science investor, with a focus on creating long-term value. As a life science investor, Novo Holdings provides seed and venture capital to development-stage companies and takes significant ownership positions in growth and well-established companies. Novo Holdings also manages a broad portfolio of diversified financial assets. Further information: www.novoholdings.dk.
Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and well-being, and enabling better outcomes across the health continuum - from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care.
Based in Malaysia, OSK-SBI Venture Partners is a fund management company jointly established by OSK Ventures International Bhd, a Malaysia-based private equity company and SBI Ventures Malaysia Sdn Bhd (a subsidiary of SBI Holdings Inc, a financial services firm based in Japan). Its main investment targets are promising private companies within the ASEAN region.
SOURCE Doctor Anywhere