Singapore-based Docquity, which runs a social media network for medical professionals, has raised $11 million in a Series B round led by Japan’s Itochu Corporation and Singapore Press Holdings, according to an official release.
Other investors participating in the round include Singapore’s SPH Ventures and KDV Holdings and Zigexn Japan CEO Jo Hirao. Itochu invested $6 million in the round.
The funding round comes seven months after Docquity closed its Series A round led by Japanese early stage investor Genesia Ventures in July 2018.
Founded in 2015, Docquity offers a mobile app for doctors and physicians to find, connect and collaborate with trusted peers, specialists and other professionals over a secure platform. It says over 70,000 real-world clinical cases have been shared and discussed by the doctors on its network.
The company claims that it has over 80,000 verified doctors on its platform. It has been able to verify its doctors primarily through its partnership with National Medical Associations across Southeast Asia.
Doctors on its platform are not charged any fee. Docquity earns revenue by charging pharmaceutical companies for posting information about their products on its platform.
Present in seven countries including Indonesia and the Philippines, the company is now working with hospitals and specialized medical societies in the region to expand and create specialized discussion communities.
Recently, Itochu led a $16-million Series C funding round for New York-based JOOR, an online marketplace that connects fashion brands and retailers. The round was also joined by existing investors Canaan Partners and Battery Ventures.