Telehealth startup Doctor Anywhere raises $27m to fuel regional expansion

Singapore-based healthtech company Doctor Anywhere said it has raised US$27 million in its series B round to drive its international expansion plans.

The round was led by Australian VC fund Square Peg, the Singapore government’s investment arm EDBI, and international healthcare provider IHH Healthcare. It also saw participation from Pavilion Capital and existing backer Kamet Capital.

Doctor Anywhere founder and CEO Wai Mun Lim / Photo credit: Doctor Anywhere

Founded in 2016, Doctor Anywhere operates a digital platform that gives its users access to a network of established healthcare providers and doctors. The startup also ventured into ecommerce last year with DA Marketplace, specializing in healthcare products and services.

It plans to use the fresh investment to further its presence in Singapore, Thailand, and Vietnam, Doctor Anywhere founder and CEO Wai Mun Lim told Tech in Asia. The company also looks to expand into new markets like Malaysia and the Philippines.

With its international expansion plans, Lim said that Doctor Anywhere will be scaling its technology infrastructure, building big data capabilities into its platform, and growing its network of healthcare practitioners. The company also plans to double its current workforce of 200 employees across the region over the next couple of years.

The investment into Doctor Anywhere comes amid the continuing rise of confirmed Covid-19 cases worldwide.

Chu Swee Yeok, the CEO and president of EDBI, said that the startup has been actively supporting Singapore’s fight against the pandemic through the deployment of its telemedicine platform at ferry terminals. It has also been providing medical services to home-quarantined individuals in the city-state, Chu added.

The pandemic, while unfortunate, has brought to light the need for telehealth as a tool and additional means to deliver healthcare services, Lim said. “During a time when public health systems are being stretched, telehealth can play a part in keeping these services from becoming overwhelmed.”

Since the Covid-19 outbreak started, Doctor Anywhere’s business has experienced a two to threefold jump in growth, said the CEO.

Amid the crisis, Lim said the new funds will allow Doctor Anywhere to maintain its operations and strategy for 2020 and beyond.

“While Doctor Anywhere has always ensured that we operate with sound unit economics, the Covid-19 situation does reinforce the need for us to continue to use capital wisely and in a sustainable manner, and to ensure that we continue to generate economies of scale and remain profitable per transaction.”