Indonesian health tech startup Gorry Holdings is in talks to raise a Series A funding round of over $5 million to expand its presence in Southeast Asia’s largest market, according to a top company executive.
Gorry is targeting to close the new round in the first quarter of next year. The startup earlier secured investment from Singapore-based PE firm Heritas Capital Management in 2018.
In an interaction with DealStreetAsia, Gorry Holdings co-founder and chairman William Susilo said the company, which has largely focused its services in Greater Jakarta, plans to use the proceeds from the round to expand in and beyond Java, Indonesia’s most populated island.
Additionally, the company will also use the fresh capital to grow its tech capabilities, particularly for its wellness platform.
The fundraising process comes when Gorry – similar to other digital health platforms – has claimed a user surge on its platform amid the COVID-19 crisis.
The number of users on its app has more than doubled in 2020 compared to last year, the company said, as people are becoming more health-conscious. Today, the company says it serves “over 150,000 community members.”
Digital health platforms Halodoc, for example, has claimed its transaction volumes jump 600 per cent since March while Grabhealth says that its daily consultations nearly doubled. However, none of the healthtech players have managed to close any significant funding this year, with COVID-19 hampering dealmaking activities in the market.
Gorry Holdings operates Gorry Well, a data-driven nutritional solution and lifestyle guidance app that delivers personalised recommendations on where to eat, what to eat, and how much to eat based on users’ health biometrics.
For Gorry, the driver of growth has been its personalisation approach, Susilo said.
Gorry Gourmet, the startup’s food catering business, provides a range of menus tailored to its customers’ specific biometrics and health goals.
Deeper tech capabilities, Susilo added, will also play an important role in Gorry’s efforts to strengthen its partnership with global insurance companies to provide value-added services to policy-holders who seek to reduce their medical claims.