SG’s DocDoc raises $13m in convertible note round led by Adamas Finance Asia

Cole Sirucek, Co-founder and CEO of DocDoc.

DocDoc, a Singapore-based medtech startup, has closed a $13-million round in the form of a convertible note to support market expansion and product growth.

The round was led by Adamas Finance Asia Limited (ADAM), a London-listed investment company, alongside leading regional family offices, a fund managed by a global investment firm specialising in financial services and the Cyberport Macro Fund.

According to a statement, DocDoc has the largest network of doctors in Asia with over 23,000 doctors and 793 clinics and hospitals across eight countries. It offers services like doctor discovery, telemedicine, and cashless settlements to help patients make better and well-informed healthcare decisions.

DocDoc partners insurance companies and corporates helping them reduce costs while offering better services and differentiated products to their policyholders.

DocDoc co-founder and CEO Cole Sirucek said: “We believe in the potential of our patient intelligence platform to revolutionize and redefine the delivery of healthcare. We enable our partners to save money, boost engagement and delight their customers in measurable ways, but what is far more important is that we meaningfully help people.

Sirucek continued: “(These are) real people with real problems. People who are uncertain or scared, people who know a lot or almost nothing about healthcare, and people who need a friend to help navigate an amazingly complex healthcare ecosystem.”

Dr. George Lam, Chairman of Cyberport stated: “As the key driver of Hong Kong’s digital economy, Cyberport is committed to fostering fintech development in Hong Kong, including insurtech. Hong Kong is Asia’s leader in the insurance industry, and it is important that we bring innovative, impactful solutions like DocDoc to our market to ensure we maintain this leadership position for years to come.”

DocDoc’s recent round of funding brings the total funding raised to date to $24.6 million. It last raised a $5.48 million convertible note from ADAM in March last year. Prior to this, DocDoc raised an $8.6-million Series A round from SparkLabs Global Ventures, Vectr and Yee How Choong, CEO of GuocoLand in 2015.