HealthMetrics secures $5m in series A round to extend its Southeast Asian reach

Malaysian corporate healthcare management platform HealthMetrics said it raised a total of US$5 million as part of its series A round led by ACA Investments, a Japanese fund management firm based in Singapore.

HealthMetrics CEO Alvin Yuan / Photo credit: HealthMetrics

Established in 2015, the startup helps human resources teams simplify and automate healthcare benefits management. Its platform connects companies to its partner healthcare providers and offers both parties access to related data analysis.

Kuala Lumpur-based HealthMetrics serves a wide range of companies, including publicly listed firms and small to medium-sized enterprises. Its portfolio of clients includes PricewaterhouseCoopers, Family Mart, Star Media Group, and Pullman Hotels, among others.

What are its future plans? With the new funds, HealthMetrics said it aims to extend its presence across Southeast Asia. One key market for this planned expansion is Singapore, CEO Alvin Yuan told Tech in Asia.

“As we have an existing userbase in Johor that often has existing cross-borders activities and clients with regional offices, Singapore is a natural geographical expansion for us. We are also in the midst of studying other markets in the region and evaluating strategic go-to-market partners,” he said.

According to Yuan, the company is looking to broaden its reach through partnerships with international and regional brokers, insurance providers, and innovative healthcare partners.

In addition, HealthMetrics also said it plans to use the fresh capital to bankroll product development.

More specifically, Yuan said the company will be extending its full suite of outpatient and inpatient care solutions, allowing it to tap into markets that offer more comprehensive healthcare benefits. These include healthcare business models such as telemedicine, digital wellness, and prevention-focused programs.

“We will be building on our existing cost containment capabilities to inpatient cost management, which is aimed at helping companies reduce hospitalization costs and insurance providers to further optimize cost of inpatient procedures,” he added.

As part of its regional push, the company will expand its technology, operations, and revenue teams, Yuan shared.

How much traction has it gotten? HealthMetrics has over 1,000 companies on its platform to date, giving the company more than 180,000 users. According to Yuan, some of its clients have also upgraded to its Members App, a progressive web application accessible through internet browsers.

Since its most recent funding round in 2019, HealthMetrics was able to grow its network of partner services to over 3,000, which include dental and optical providers as well as hospitals. The company said it saw increasing interest for its services from medium-sized and large industries as well as the enterprise segment during this period.

More recently, HealthMetrics observed that more companies have been adopting a digital approach to healthcare amid Covid-19.