Doctor Anywhere, a Singapore-based online healthcare platform, has raised $58.7 million in Series C funding from Asia Partners, Novo Holdings and existing investors, according to its recent filing with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
Asia Partners contributed $33 million to the startup’s latest round, while Novo Holdings invested around $15 million. As part of the transaction, Asia Partners co-founder and partner Oliver Rippel has been appointed as a director on the company’s board.
ACRA filings only reflect the equity funding received so far and the overall funding round could be larger and/or have other components such as debt.
Several existing investors such as Square Peg Capital, EDBI, IHH Healthcare, and two other private entities, MVM1 Limited and Menang Investments, have made follow-on investments in Doctor Anywhere’s latest round. Menang Investments is understood to be an entity controlled by Pavilion Capital, a subsidiary of Singapore state investor Temasek Holdings.
According to the ACRA filing, Doctor Anywhere’s Series C preference share price has nearly doubled to $44 per share compared to its Series B preference share price of $23.374 apiece. The latest proceeds will bring Doctor Anywhere’s valuation to roughly $279 million post-money, according to DealStreetAsia estimates.
Doctor Anywhere was founded by Lim Wai Mun, a former Temasek investment executive. The firm started in 2017 with telehealth as its flagship product, linking patients to its network of licensed doctors for an online consultation. The company also operates a virtual clinic and an online marketplace offering a range of products and services from vitamin C tablets to traditional Chinese medicine (TCM) acupuncture consultations.
Doctor Anywhere last closed its $27 million Series B round led by Square Peg Capital, EDBI and Asia’s largest hospital operator IHH Healthcare in March 2020 during the COVID-19 outbreak in Asia. Telemedicine has 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.
The Singapore-based healthtech firm has expanded significantly in the last year.
Since its Series B round, Doctor Anywhere has entered four new Southeast Asia markets – Vietnam, Malaysia, Thailand and the Philippines. DealStreetAsia understands that the firm also has plans to enter Bangladesh, although this could not be independently verified.
In an interview with DealStreetAsia last year, Doctor Anywhere had shared that it had no plans to enter Indonesia, due to a mix of factors including the presence of established competitors such as Halodoc and Alodokter.