Doctor Anywhere, a Singapore-based telehealth startup, raised S$88 million ($66 million) in a Series C financing round.
Led by growth equity investor Asia Partners., the round also attracted other investors, including Novo Holdings, Philips, and OSK-SBI Venture Partners.
Existing investors also participated in the round, including Singapore-based investor EDBI, Square Peg, IHH Healthcare, Kamet Capital, and Pavilion Capital. This round brings the total capital raised by Doctor Anywhere since its founding to more than $120 million.
As part of the financing, Oliver Rippel, Co-Founder and Partner of Asia Partners, and Dr. Amit Kakar, Senior Partner, Head of Novo Holdings Equity Asia, will join Doctor Anywhere’s Board of Directors.
According to the company, the latest investment will support its market expansion and further deepen its presence in its existing markets and allow the company to expand into new markets.
Headquartered in Singapore, Doctor Anywhere serves more than 1.5 million users across Southeast Asia. Lim Wai Mun, founder and CEO of Doctor Anywhere said: “DA’s mission is to be the largest tech-enabled omnichannel healthcare provider in Southeast Asia, and applying innovative technology to improving patient outcomes is core to our differentiated offerings. We are thrilled to attract the interest of a strong group of investors in this round, a significant milestone which is a testament to our vision and track record.”
“We will utilize this funding to further enhance our digital capabilities and scale up on our ability to deliver quality healthcare seamlessly to our users in Southeast Asia,” added Lim.
Kien T. Nguyen, a co-founder of Asia Partners, added, “DA is becoming a true regional leader in omnichannel healthcare, following the proven regionalization playbook of Southeast Asia’s first generation of internet platform companies. The powerful combination of telehealth and offline care is deeply compelling to payers, providers, and patients across our region of 650 million people, and DA is leading the way.”
Telehealth companies raised a record $5 billion in 1H 2021, a 150% increase year-over-year compared to $2 billion raised in 1H 2020. This was the highest amount received by any digital health category since 2010, according to the recently released Mercom’s 1H 2021 Digital Health Funding and M&A Report.