WebDoctor, a telehealth platform, received a $3.54 million investment from VentureWave Capital, the venture private equity investor that focuses on entrepreneurial companies with high impact potential.
The latest investment brings the company’s valuation to $56.6 million and accelerates international growth and expansion and the scaling of the sales, marketing, product, and technology teams, the company said.
WebDoctor offers a telehealth platform that enables engagement and collaboration between healthcare practitioners and their patients. Since its establishment in 2013, the company has provided over three million telehealth consultations. It has enrolled almost ten percent of the Irish population as patients on its platform.
In response to Covid-19, the year-on-year increase in GP appointments has risen from 68,000 in 2020 to 125,000 in the current year, the company said in a statement. The demand for telehealth during Covid has skyrocketed – WebDoctor experienced a 75% increase in revenue from 2019 to 2020, the company said.
The WebDoctor platform also allows doctors to conduct their day-to-day operations virtually and automate their booking and payment processes. Patients can attend virtual consultations at in-person appointments.
Alan Foy, Chairman and Managing Partner VentureWave Capital, said: “WebDoctor is a great example of an Irish company with an excellent market opportunity, proven team, and exemplary technology, product platform. We look forward to supporting the team in their future scaling. We are confident the team will drive new opportunities to make an impact on the next phase of their successful journey”.
David Crimmins, the CEO, WebDoctor, stated: “VentureWave Capital’s investment comes at a pivotal time for WebDoctor, enabling us to meet the exponential growth of the telehealth market and operate on an international scale. This is an exciting time for the company as we look to build upon our success working with partners in Ireland, the UK, Germany, Australia by driving the business internationally.”