Singapore-headquartered healthtech firm MyDoc is in talks to raise $20 million in its Series B round, its general manager and chief marketing officer Melisa Teoh told DealStreetAsia.
It is in actively discussing options on funding and strategic matters with a host of potential investors. “However, due to the sensitivities involved, we are currently unable to share any further details,” Teoh said.
The proposed funding round could see strategic investors from the insurance sector join MyDoc’s cap table, as the company operates a B2B healthtech service, a source privy to the matter, separately told DealStreetAsia.
According to information available on its website, MyDoc has partnerships with a host of global insurer companies such as Aetna, AIA, Cigna. The company launched Singapore’s first insured telemedicine service in collaboration with AXA Insurance in August 2016.
Subsequently, in August 2019, MyDoc launched its online doctor consultation/telemedicine services in partnership with Prudential Corporation Asia.
Apart from these, the company also has tie-ups with a slew of healthcare service providers such as Fullerton Healthcare, MHC Medical Centre, Integrated Health Plans (IHP) and AcuMed Medical, besides pharmacy chain Guardian, and technology partner Omron.
Prior to its Series B round, the company secured around $4-5 million in its bridge round that was concluded recently, said a source. Deloitte is said to have advised the company in its fundraising process.
MyDoc plans to use the corpus from the proposed funding round to facilitate its expansion plans and strengthen its regional presence, the source said.
Apart from Singapore, the company has operations in Thailand, Vietnam, and the Philippines in Southeast Asia, and India and Hong Kong. Through its investor UST Global’s network, MyDoc also offers its services in the US.
MyDoc made headlines in September 2017 when it raised as much as $5.2 million in its Series A round, led by the US-based IT company UST Global, a Temasek Holdings-backed company. The round had also seen the participation of VC firm Wavemaker Partners.
Founded in 2012, MyDoc integrates online-to-offline platform in a bid to connect patients, doctors, pharmacies, diagnostic laboratories, clinical-grade health trackers, Fortune 500 and SME employers and insurers on one platform. The company launched its first video consultation as a follow-up service to its first in-clinic consultation in March 2013.
Healthtech startups, of late, are increasingly evincing investor interest as social distancing norms amidst the COVID-19 crisis have created significant demand for them over the past few months.
Recently, Doctor Anywhere, an online healthcare platform headquartered in the city-state, raised as much as $27 million its Series B round in March 2020, as reported by DealStreetAsia. The funding round was led by Square Peg Capital, EDBI and IHH Healthcare with participation of Temasek subsidiary Pavilion Capital and its existing investor Kamet Capital.