Malaysia’s HealthMetrics raises $1m from Spiral, Cradle and RHL Ventures

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Malaysia-based HealthMetrics, which provides an employee health benefits management system, has raised $1 million in funding from Spiral Ventures, RHL Ventures and Cradle Seed Ventures.

“With this latest quantum of investment raised, HealthMetrics will be working to expand its services to other healthcare verticals to provide a more comprehensive employee medical benefits platform for corporates,” said Max Thum, lead business strategist at HealthMetrics.

The startup helps corporates manage employee healthcare plans efficiently while saving them hours of administrative work. It also helps streamline the payment process for healthcare providers.

Led by CEO Alvin Yuan, HealthMetrics was awarded a grant of RM 500,000 by Cradle Seed Ventures from CIP 500, a technology commercialisation fund, in 2016.

The startup was subsequently selected for the Google Developers Launchpad Batch 4, the first from Malaysia to do so, and received a further $50,000 in equity-free funding in 2017.

About 85 per cent of businesses in Malaysia, including large companies, manage their employee healthcare plans on their own.

“Should a provider help to automate the healthcare process whilst providing actionable metrics to their organization, businesses are willing to invest to improve their workflow. HealthMetrics sits in this unique position in which it provides a solution to businesses to automate their employee healthcare whilst getting actual feedback on whether the benefit plan addresses the needs of their employees,” said Thum.

To date, it claims to have disbursed over RM 6.5 million across its partner network of over 1,500 healthcare providers.

However, Thum said most clinics usually lack the manpower to handle businesses from multiple corporates, resulting in them not being able to process an invoice on time for corporates which affects their cash flow.

“With HealthMetrics, the portal acts as a personal assistant to independent clinics to verify patients and invoice corporates at the exact moment each time. For these clinics, we provide a means for them to offer their professional services without incurring larger headcounts,” said Thum.

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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.