SINGAPORE – 31 March 2020 – Doctor Anywhere, a regional tech-led healthcare company headquartered in Singapore, announced today that it has secured a US$27 million Series B financing round led by Square Peg – the largest venture capital fund in Australia, Singapore Government investment arm – EDBI, and IHH Healthcare, a leading international healthcare provider. Rounding out this series of funding are Pavilion Capital and existing shareholder Kamet Capital, bringing Doctor Anywhere’s total capital base to exceed US$40 million.
This makes it one of the largest financing raised by a Singapore health-tech start-up in less than two years. The latest investment will boost Doctor Anywhere’s market leadership position in the health-tech industry in Asia, as it prepares for extensive expansion to augment the region’s healthcare landscape through digital transformation, with the support of strong local and regional partners.
Lim Wai Mun, Founder and CEO, Doctor Anywhere, said: “I am thrilled to announce our partnership with this group of outstanding institutional investors, especially at a time when global healthcare challenges are top-of-mind in many countries.”
“Our mission is to make healthcare cost-effective and accessible for everyone, and I feel grateful that our partners share the same vision of transforming the traditionally conservative healthcare industry. With our partners’ significant influence and astute industry insights, we are rapidly becoming the leading tech-led health and wellness platform in Asia.”
Doctor Anywhere also recently launched its platform in Thailand, in partnership with one of Thailand’s most established private hospitals, and a global corporate insurance provider serving more than 95 million customers worldwide. Doctor Anywhere also operates in key cities of Vietnam, namely Hanoi and Ho Chi Minh City, with announcements on other regional plans in the pipeline due later this year.
Tushar Roy, Partner, Square Peg, said: “It is a privilege to partner with Wai Mun and the Doctor Anywhere team. The provision of high-quality, affordable care delivered digitally, is important for the continued development of Southeast Asian economies. While high smartphone penetration and a fast- rising middle class provide an attractive market for the company, its solutions are also highly applicable to help bridge the urban and rural divide in healthcare access that exists throughout the region.”
Chu Swee Yeok, CEO and President, EDBI, said: “As one of the earliest digital health players in Singapore, Doctor Anywhere delivers the best of both virtual and in-person care, to bring choice, personalisation and improved healthcare outcomes to patients. As a homegrown company, Doctor Anywhere is actively supporting our nation’s fight against COVID-19, by deploying its telemedicine platform at ferry terminal custom checkpoints and providing medical services to home-quarantined individuals. EDBI seeks to bolster Doctor Anywhere’s journey as it continues to champion the adoption of telemedicine to bring healthcare accessibility and affordability to all patients in Southeast Asia.”
Dr Kelvin Loh, Managing Director and Chief Executive Officer of IHH Healthcare, said, “IHH is transforming healthcare to make it as convenient as possible for our patients. As part of this journey, IHH is very pleased to partner with Doctor Anywhere. Their end-to-end digital platform enables patients to schedule and receive virtual consultations with a doctor anytime, anywhere. Prescribed medications can also be delivered right to their home. The partnership is immediately synergistic in Singapore which is one of IHH’s home markets.”
Danny Wong, Pavilion Capital, said: “We are pleased to support Doctor Anywhere. With a compelling vision and comprehensive platform capabilities, Doctor Anywhere is building the leading regional telehealth network to improve healthcare access in Southeast Asia.”
Kerry Goh, CEO and Co-Founder, Kamet Capital, said: “Since the beginning, Kamet Capital shared Doctor Anywhere’s vision to make high quality healthcare accessible and cost-effective for everyone with the help of technology. We are pleased to continue our partnership to provide mentorship and business advice to Doctor Anywhere, in alignment with our commitment to creating and growing local champions – particularly in healthcare and technology.”
About Doctor Anywhere
Doctor Anywhere is a regional tech-led healthcare company headquartered in Singapore. With a strong network of established healthcare providers and experienced doctors, Doctor Anywhere’s digital platform enables users to manage their health easily and effectively through the Doctor Anywhere mobile app. Users can consult a licensed local doctor anytime, anywhere, and get medication delivered to their doorsteps within hours. Medical history, health reports, and other documents are stored in-app for easy access. Doctor Anywhere now serves more than one million, and growing, users on its online and offline platforms.
Complementing this ecosystem is the DA Marketplace. Users can shop for a wide range of health and wellness products and services, such as nutritional supplements, skincare products, physical therapy sessions, and even book home-based healthcare services – all in one place.
About Square Peg
Square Peg is a venture capital firm on a mission to empower exceptional founders. It invests in technology companies across Australia, Israel and Southeast Asia at the Series A and B stage. Square Peg is investing out of its US$230 million 2018 fund and manages more than US$0.8 billion in capital commitments.
Investing since 1991, EDBI is a Singapore-based global investor in select high growth technology sectors ranging from Healthcare (HC), Information & Communication Technology (ICT), Emerging Technology (ET), and other strategic industries. As a value creating investor, EDBI assists companies in achieving their ambitious goals by leveraging our broad network, resources and expertise. With our growth capital, EDBI supports companies seeking to grow in Asia and globally through Singapore.
About IHH Healthcare
IHH Healthcare is a leading international healthcare provider in markets where the demand for quality care is strong and growing. We are one of the largest healthcare groups in the world by market capitalisation and are listed on the Main Market of Bursa Malaysia and the Main Board of SGX-ST.
Employing more than 55,000 people and operating over 15,000 licensed beds across 77 hospitals in 10 countries worldwide, the Group offers the full spectrum of integrated healthcare services from clinics to hospitals to quaternary care and a wide range of ancillary services.
IHH is the leading player in its home markets of Malaysia, Singapore, Turkey and India, and key growth markets of China and Hong Kong.
About Pavilion Capital
Pavilion Capital is a Singapore-based investment firm that is focused on private equity investments in North Asia and Southeast Asia.
About Kamet Capital
Kamet Capital is a professional family office managing the private activities and investments of a small and growing group of billionaire families. We are in the inner circle of new-economy founders and entrepreneurs who entrust Kamet Capital to manage and advise the bulk of their private wealth. We help families plan and structure their private assets, provide in-house administrative support, invest globally, and progress on their philanthropic endeavours. Kamet Capital started in 2017 and is regulated as a Capital Markets License holder by the Monetary Authority of Singapore (MAS).