Indonesia: Alodokter closes $9m round led by SoftBank Korea

Indonesian digital health startup Alodokter on Friday announced that it has raised $9 million led by SoftBank Group Corps Korean venture capital unit, SoftBank Ventures Korea. Existing backer Golden Gate Ventures and Feng He also participated in the round – the third after a US$2.5 million led by Golden Gate in 2016.

DEALSTREETASIA had on November 6 reported about the Indonesian startup’s expected fundraising led by SoftBank in an exclusive story.

Alodokter CEO and founder Nathanael Faibis said the startup will use the fresh funds to “consolidate its leading position”, and develop a fully integrated healthcare ecosystem for patients to manage their lifestyle, chat with doctors, handle their medical records, or book offline medical services.

“We want our app to become top of mind for patients when they have a medical issue. By managing so much information about patients, doctors and service providers, we are gradually building a much more efficient solution than traditional methods to find the right solution for patients,” Faibis said in a statement.

Alodokter has been developing its AI-assisted chat app with doctors, which it claimed had answered more than 250,000 patients every month in Indonesia. More than 350 doctors are available on the platform.

“Our big bet was that online market demand would go for chat interaction with doctors. User reception has been very impressive. We believe that a mix a AI and real doctor interaction is the future of healthcare online,” Faibis went on, adding that the company is now gathering one of the largest databases of patient-doctor interactions in the world.

Founded in 2014 by Faibis, Alodokter now boasts over 16 million monthly active users. It offers content about health, well-being and family. IT is also running a similar service in Thailand with pobpad.com.

Currently, Alodokter sees competition from local rivals Dokter.id, MeetDoctor, KlikDokter, and 1Health, apart from Halodoc.

This portal had in June reported that Alodokter and its competitor Halodoc were in talks with international players to secure Series B round of funding. Halodoc, whose series A round in 2017 was joined by ride-hailing giant Go-Jek, was said to be looking at raising over $15 million by early next year.

Indonesia’s healthcare expenditure is expected to grow from $26 billion in 2014 to $51 billion by 2020. The sector is currently dominated by out-of-pocket spending that constitutes about 75 per cent of total transactions. With such low insurance-covered expenditures, there is an opportunity for direct-to-consumer play to optimize the value chain in healthcare. Many international investors are excited at this opportunity, given that such problems could be solved through advances in technology.

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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.