mClinica, a Singapore-headquartered healthtech startup that focuses primarily on the pharmacy industry, is looking to raise $20 million in its Series B round, just months after closing its bridge round with US-based Susquehanna International Group (SIG), a top company executive told DealStreetAsia.
The bridge round was closed just before the coronavirus crisis struck the globe, crippling investments across sectors.
The capital in the bridge round was raised to accelerate the firm’s growth in Indonesia, said Farouk Meralli, founder and CEO at mClinica. The company is also present in markets such as the Philippines, Vietnam, Thailand, Malaysia and Cambodia.
Meralli said mClinica has been witnessing significant growth over the past few months with healthcare needs growing in the wake of the virus outbreak.
The company had raised $6.3 million in its Series A round in 2017 from MDI Ventures, Patamar Capital, Global Innovation Fund, and Endeavor Catalyst.
“Opportunity in healthcare is considerable not only during the COVID-19 crisis but after that as well, as general healthcare expenditure is rising”, said Meralli.
mClinica operates a pharmacy channel, which reportedly connects as many as 40,000 pharmacies to patients across Southeast Asia. It delivers integrated platforms that connect the entire supply chain catering to pharmaceutical manufacturers, distributors, wholesalers, retailers and patients.
“We are looking at providing even more solutions around the pharmacy and further connecting the supply chain digitally,” said Meralli.
Healthcare, in general, has been one of the least affected sectors during the coronavirus crisis with all its allied sectors such as pharmacy, telemedicine, and diagnosis, among others, witnessing growth.
“The COVID-19 situation has greatly accelerated our growth… Our company has seen revenues grow by 50 per cent during in past few months, with our user engagement being up by 60 per cent,” said Meralli.
mClinica is currently working on a slew of new initiatives with various governments in the Southeast Asian region in a bid to help nations tide through the current crisis.
The company has partnered with health ministries in markets such as Indonesia, the Philippines and Cambodia, besides forging tie-ups with academic institutions such as Johns Hopkins and donor agencies like USAID and Global Innovation Fund to address the COVID-19 challenge through their pharmacy network.
Going forward, the company plans to ramp up its recruitment process as well. “We are actually hiring considerably at the moment and continue to pursue growth,” said Meralli.
However, this is not to say the current situation is not devoid of challenges. With unprecedented demand for medicines over the past few months, it has been a significant challenge for the industry to keep up. The problem has been even more severe with reductions in manufacturing output and people putting in lesser number of working hours at the logistics and supply chain levels.
Amongst other deals closed in the healthcare sector, Singapore-based telehealth app Doctor Anywhere recently raised $27 million from a group of investors including Malaysian hospital operator IHH Healthcare.