Telemedicine platform Doctor Anywhere has announced a US$40.8 million ($54.75 million) Series C1 extension round, a year after closing its US$38.8 million C1 round.
The Singapore-headquartered “tech-led healthcare company” raised US$65.7 million in the original Series C round in August 2021. This brings the total capital raised by Doctor Anywhere to some US$180.8 million.
An extension round is where the most recent round of funding is again opened for investors to increase their funding. Returning investors Square Peg and Novo Holdings are among the key investors for the latest round, says Doctor Anywhere in a Dec 7 announcement.
A company spokesperson tells The Edge Singapore that the funding is earmarked for expanding its reach in secondary care, building on the integration of Asian Healthcare Specialists (AHS) into the business. “With a growing demand for secondary care, our focus is on enriching services and expanding the range of specialties within AHS.”
Doctor Anywhere acquired Catalist-listed AHS in December 2022 via a special purpose vehicle indirectly wholly-owned by Doctor Anywhere. AHS is a group of 14 medical specialists with 12 specialist clinics across various specialities.
Doctor Anywhere will also use the new funds to “scale healthcare innovation efforts”, such as predictive healthcare needs assessment, streamlined appointment scheduling and enhanced accessibility and efficiency in healthcare services, says the spokesperson.
See also: Lim Wai Mun of Doctor Anywhere named EY Entrepreneur Of The Year 2022 Singapore
The Series C1 round from December 2022 was an up round. A spokesperson from Doctor Anywhere declined to confirm if the extension round qualifies as an up round.
“The latest funding aligns with the positive trajectory observed in the previous round, reflecting continued investor confidence and favourable market conditions,” says the company. “While we are unable to discuss our valuation, Doctor Anywhere is maintaining a strong growth trajectory in line with our business targets. The consistent investor confidence evidenced in previous funding rounds further validates our performance.”
Doctor Anywhere’s chief executive officer Lim Wai Mun was named EY Entrepreneur of the Year 2022 Singapore (EOY) in November 2022.
The 41-year-old told The Edge Singapore last year that he targets to break even by the end of 2023. This remains on track, says the spokesperson. “Doctor Anywhere adopts a strategic approach focused on balancing growth and profitability, and our company performance continues to be on track.”
However, a public listing continues to be off the table for the company. “We intend to remain focused on growth and profitability in the near term and have no definitive exit plans at this juncture,” says the representative.
“In considering an IPO in Singapore, our management recognises Singapore’s appeal as a regional hub, evident in our headquarters and key leadership based here. However, there are no definitive plans for an IPO at present,” adds the spokesperson.
Founded as a telemedicine platform in 2017, Doctor Anywhere has expanded to become a regional healthcare provider, serving more than 2.5 million users in six Southeast Asian countries.
When Covid-19 hit, Doctor Anywhere was the first company in Singapore to launch online-supervised antigen rapid testing (ART), which was opened to the public in January 2020.
“We’ve successfully built a regional digital healthcare ecosystem, delivering accessible and convenient healthcare services through digital innovation,” says Lim in the latest announcement. “In the next phase of Southeast Asia’s healthcare evolution, our goal is to empower individuals to take charge of their health and well-being with early detection and preventive measures against chronic illnesses. We’re excited about the possibilities that Generative AI offers to advance this further.”
Photos: Albert Chua/The Edge Singapore
