SG’s Doctor Anywhere raises $58.7m from Asia Partners, Novo Holdings and others

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.

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.