SG’s Doctor Anywhere raises $27m led by Square Peg Capital, EDBI, IHH Healthcare

Lim Wai Mun, founder and CEO of Doctor Anywhere.

Doctor Anywhere, a Singapore-based online healthcare platform, has raised $27 million in a Series B funding round led by Square Peg Capital, EDBI and IHH Healthcare, Asia’s largest hospital operator. The round was also joined by Temasek subsidiary, Pavilion Capital and existing investor, Kamet Capital. The company last raised a $4.1 million in a Series A round in July 2018.

The close of Doctor Anywhere’s fundraise comes amidst spiking interest in online healthcare as researchers, doctors and entrepreneurs from around the world scramble to produce a vaccine for the deadly COVID-19 virus. Widespread coverage on the coronavirus has also triggered a sharp increase in demand for telehealth services.

Online engagement on Doctor Anywhere’s platform has risen by over 70 per cent, while overall sales have surged two to threefold since the COVID-19 outbreak began to intensify in January. However, the bleak fundraising climate is also forcing its CEO and founder, Lim Wai Mun, to strike an uneasy balance between cash conservation and aggressive growth.

“It’s something that is on my mind over the past few days,” shared Lim over the phone. “We are obviously experiencing very high growth right now, but unfortunately, the capital market is also shut. We shouldn’t be spending the money too quickly if we don’t know how quickly we can raise money again. We must be very focused on the unit economics at the operational level to make sure that whatever that we do, we are still making money.”

Lim continued: “It’s a very difficult and delicate balance between unit economics and aggressive growth, but I believe if we can prove this to our investors, I’m sure they will be prepared to go even longer with us.”

He added that while this is a full equity round, the company is open to raising debt in a few months to support its growth if required. Meanwhile, the fresh funds will be used to strengthen Doctor Anywhere’s presence in existing markets across Singapore, Vietnam and Thailand and invest in its growing technology and data team.

It is also eyeing expansion into Malaysia and the Philippines in Q2 this year. It has no plans to enter Indonesia, Southeast Asia’s most populous market, due to mix of factors including the presence of established competitors such as Halodoc and Alodokter.

Doctor Anywhere’s flagship product is telehealth, where patients are linked to its network of licensed doctors for an online consultation. Apart from this, the Singaporean company also operates a virtual clinic and an online marketplace where it sells everything from vitamin C tablets to traditional Chinese medicine (TCM) acupuncture consultations.

About 50 per cent of its revenues come from online sales across telehealth, virtual clinic and its online marketplace, while the remaining 50 per cent comes from its offline partnerships with other doctor networks.

Doctor Anywhere has over 1,300 general practitioners (GPs) and specialists on its network and serves over one million users across its online and offline platforms in Southeast 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.

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.