NOVI Health, a Singapore-based medical and digital health provider that focuses on lifestyle-based illnesses, has raised $5 million in Series A funding from venture capital firm Monk’s Hill Ventures.
DealStreetAsia had reported the funding Wednesday morning, citing regulatory filings, several hours ahead of a company statement confirming the round.
NOVI Health was launched in 2019 by three doctors — Joanne Tay, Sue-Anne Toh, and Kyle Tan — to promote a holistic approach to treating chronic conditions by integrating clinical treatments with behavioural and lifestyle interventions. It offers two core products through a digital platform – one targeted at individuals with diabetes by combining continuous glucose monitoring with medical care and dietary and lifestyle coaching, and another for those seeking to reduce excess weight.
In its statement, the startup said it will use the funding to accelerate hiring for its technology, growth, and product teams, while also investing further in its technology-enabled platform.
In conjunction with the Series A round, NOVI Health has appointed Peng Ong, co-founder and managing partner at Monk’s Hill Ventures, and Edwin Chan, a current Carousell Group and former Razer executive, as directors on its board.
“NOVI Health is led by a dynamic and strong team of founders with deep expertise and experience in both public and private sectors. The team’s deep scientific and clinical knowledge of the Asian population enables them to build effective health solutions for chronic disease management tailored for the market,” said Ong in a prepared statement.
NOVI Health is also allotting shares to certain investors under a Convertible Agreement for Equity (CARE), according to its filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
CARE is a convertible instrument, much like SAFE, that allows investors to make a cash investment in a company in exchange for receiving cash or shares in a Singapore-incorporated private company upon the occurrence of certain events, such as a qualified financing round.
The CARE holders include Chia Kee Seng, Lim Aymeric Yutag, Chan Si Hui, Ho Quoc Minh, Loy Chee Wei, Soo Si Jia Dawn, Koh Tiong Lu John, Sng Tiap Ching Matthew, Edwin Chan, and Cheah Eu Jin Andre, the filings showed.
Monk’s Hill Ventures, the investor in this funding round, invests in early-stage tech companies, primarily Series A, in Southeast Asia. It works with startups that use technology to improve the lives of millions of people in the region.
The firm recently appointed two new venture partners to strengthen its leadership bench. It has hired Huong Tran in Vietnam and Lingga Madu in Indonesia.