ADAM invested $2 million in the latest funding round of the Singapore-startup via convertible bond offering. Regional family offices and high net worth individuals also joined in the fundraising.
“The investment has come at a most opportune time as we scale our value-added doctor discovery service in conjunction with the region’s largest insurance companies,” DocDoc’s Co-founder and CEO, Cole Sirucek: said in a statement.
This is in addition to the $18.6 million that the startup previously raised, making it one of the highest funded healthcare startups in Asia.
Operating in eight countries with over 23,000 doctors, DocDoc connects patients to the most suitable doctor for their health needs. This process allows patients to find best-priced treatments, better outcomes, and improved experiences.
In Asia’s healthcare market, most decisions related to healthcare needs, finding doctors, or seeking treatment are based on recommendations from personal network or other sources that do not have concrete data.
“DocDoc leverages the latest in clinical informatics, artificial intelligence and healthcare quality assessment across Asia’s largest healthcare provider network to deliver simple yet powerful solutions,” the company said.
DocDoc’s basic premise borrows from ZocDoc, the New York-based startup, though it has evolved quite differently.
ADAM’s Chairman John Croft said, the investment was in line with the firm’s strategy of providing its shareholders with a diversified pan-Asian portfolio to maximize income and potential capital gain.
“The transformation of the ADAM portfolio is fully underway and the DocDoc investment represents an important step in creating London’s leading diversified, growth and income pan-Asian investment company,” Croft said.