Singapore’s Mednefits concludes $5.95m Series A funding led by Berjaya’s unit

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Singapore-based employee medical benefits platform Mednefits announced on Tuesday that it has raised S$8 million ($5.95 million) in a Series A funding round led by BLoyalty, a wholly-owned subsidiary of Berjaya Corporation Bhd, which runs consumer marketing, property, and hotel businesses.

“Mednefits’ vision is to lead employee benefits transformation in Southeast Asia. We will use this investment to grow faster and further in Singapore and Malaysia, while also improving our product’s self-service capabilities by growing our technological know-how,” Mednefits chief executive officer Chris Teo said in a statement. 

“Digital technologies can help companies address several operational and business-related challenges. By having businesses of all sizes on Mednefits’ cloud-based platform, and an expansive network of panel clinics, we are able to offer competitive, and flexible corporate healthcare plans, while simplifying and automating reimbursements,” he added.

Mednefits connects companies and their employees directly to medical providers through its platform that tracks and processes employees’ claims in real-time, thereby offering automated, affordable, and accessible healthcare, the company said.

To date, Mednefits has connected over 50,000 employees from 500 companies in Singapore and Malaysia to over 2,000 healthcare providers, it added.

BLoyalty is the owner-operator of B-Infinite, a digital engagement platform that serves merchants from various industries and businesses, in Singapore and Malaysia. B-Infinite will work with Mednefits to enhance and automate medical benefits for its clients’ employees across the two countries, according to a statement.

Founded in 2014, Mednefits helps businesses take care of their employees with its automated, affordable, and accessible employee benefits platform.

The platform has grown from offering medical benefits to a full suite of healthcare and wellness essentials in Singapore and Malaysia.

As of July 2020, Mednefits has raised S$12 million ($8.92 million) in funding, including S$1 million ($743,897) in a seed round on May 1, 2015, according to business information platform Crunchbase. It claims to have collaborated with more than 2,000 health and wellness partners.

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.