Altara, East Ventures back $4.5m round of Vietnamese healthtech firm

Med247, an offline-to-online healthtech startup based in Vietnam, has raised US$4.5 million in a series A funding round led by Altara Ventures, with participation from Pavilion Capital and East Ventures.

Med247 founders Thao Nguyen (left) and Tuan Truong / Photo credit: Med247

Med247 operates its own clinics and offers a mobile app for patients to make appointments, seek online consultations, access medical records and lab results, and order prescription medication to their homes.

The healthtech firm currently has more than 50,000 active users. The company said it posted 6x revenue growth and 8x pharmacy orders growth within the last 18 months but did not go into specifics.

Med247 was founded by Tuan Truong and Thao Nguyen in 2019. Soon after, it raised an undisclosed amount of funding from KK Fund and Jin Hian Goh, a former executive at Singapore’s Parkway Healthcare Group.

The healthtech firm plans to use the fresh capital to expand its network of clinics, set up training academies for doctors and nurses, and invest in research and development efforts. It will open a fourth clinic in Thanh Hoa next month, and aims to have 70 clinics by the end of this year.

See also: Series SEA: Who’s investing in the region’s health startups?

Other investors in this round include:

• Mirxes
• Venturra Ventures
• KK Fund