Data Vantage: Cross-pollination of healthcare and fintech continues to lure capital

The COVID-19 pandemic has highlighted the great chasm that exists between the privileged few who have access to high-quality healthcare and the millions who do not. It has also accelerated investments in startups that seek to democratise access to healthcare.

In the last week alone, we saw four tech startups raising $168 million in total proceeds, data compiled by DealStreetAsia – DATA VANTAGE shows.

Singapore-headquartered Doctor Anywhere on Tuesday announced it had raised S$88 million ($65.4 million) as part of its Series C round from Asia Partners, Novo Holdings and existing investors. This confirms a story our team broke last week, which referred to the $58.7 million the telemedicine company has secured so far as part of the round.

Top shareholders in Doctor Anywhere

Data based on Doctor Anywhere’s ACRA filings as of Aug 30. Source: DATA VANTAGE

Singapore-based health and care services startup Homage also raised capital last week. The company issued new shares worth $26.6 million to a group of investors that include Caelum Healthcare Investments, an entity controlled by a Temasek Holdings subsidiary. Other investors include SEEDS Capital, DG Daiwa Ventures, HealthXCapital and EV Growth.

Caretech Inc, the Singapore-registered entity of Bengaluru-based telemedicine startup Mfine, has raised $34 million as part of its Series C round. The round was joined by existing investors BEENEXT, Heritas Capital, SBI Investments and SeaBright Holdings. Joining the round as a new investor was Washington-based 57 Stars.

Mfine had announced its Series B round in January this year, when it raised $16 million to triple its investment in AI development, mobile engineering, and device integration. Overall, the Singapore entity has raised $56 million in equity funding and was last valued at close to $120 million, per our calculations.

Shoulder to shoulder

Integral to the democratisation of healthcare in the region are investments in disruptive fintech. Bangkok-based insurtech firm Sunday raised over $48 million in a new funding round last week led by Shanghai-based investment firm HuangPu River (HPR) Capital and joined by Japanese investors Aflac Ventures and ZVC.

The financing comes a year after the insurtech startup raised $9 million in a pre-Series B bridge round led by SCB 10X, the venture capital arm of the Siam Commercial Bank (SCB).

Our latest review of startup fundraising in Southeast Asia finds that insurtech firms secured 11 investments in the first half of this year to raise at least $210 million in total proceeds, double the amount recorded in the same period last year.

The total proceeds amount to 9.6% of funds raised by startups within the fintech category within the first six months of this year. Most fintech funding for the given period went to startups that are engaged in mobile payment technologies, which, like insurtech, also play an important role in the adoption of health tech services.

Health tech, in general, continued to be among the best performing verticals in Southeast Asia in terms of deal count, even outperforming e-commerce in the second quarter. In terms of value, health tech startups raised $324 million, up from $73.7 million in the first quarter.

Healthtech fundraising in Southeast Asia in Q2 2021

Source: SE Asia Deal Review: Q2 2021, DATA VANTAGE

Other updates from DATA VANTAGE

Singapore-based food and beverage startup Chope has secured $16.5 million from a group of investors, including Ant Group that invested $15 million via its Singapore-registered vehicle Antfin Singapore Holding Pte. Ltd. Go to DATA VANTAGE for Chope’s latest shareholding structure, financials and funding rounds.

As part of a $35 million funding round announced earlier this month, e-fishery company Aruna has received $32.1 million in funding so far, of which $5.2 million was secured from AC Ventures and Endeavor Catalyst last week.

Evermos, an Indonesian social commerce company focused on Sharia-compliant products, is moving closer to concluding its Series B funding round. Our data shows the company raised another $4.5 million last week from MDI Ventures, the corporate venture capital arm of Indonesia’s largest telecom company Telkomsel. This brings the total proceeds from Evermos’s Series B round to $24 million.

E-commerce marketing technology provider Rokt suffered $18.2 million in losses before interest and tax for the financial year ended January 31, 2021, the company’s latest ACRA filing shows. The loss occurred as the company’s total revenue dropped 17.6% to $97.2 million relative to the same period last year.

Barramundi Group, which operates ocean farms in Australia, Brunei and Singapore, recorded $20.6 million in revenue last year, a 21.7% year-on-year increase, and narrowed its losses before interest and taxes to $5 million from $22.2 million previously. The company has secured $93 million in total paid-up capital to date.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.