Healthtech firm WhiteCoat grows revenue 3x, aims for profitability in SG

(From left) WhiteCoat COO Clara Leow, WhiteCoat founder and CEO Bryan Koh, and Minister Desmond Lee / Photo credit: WhiteCoat

Telehealth firm WhiteCoat generated over S$10 million (US$7.7 million) in revenue last year, more than tripling the figure from 2021. This year, the startup plans to double that amount.

The Singapore-headquartered company, which was founded in 2018 by Bryan Koh, is also targeting profitability in its home market by the end of the year.

In 2022, the firm expanded into Indonesia and Vietnam. It aims to also reach profitability in these markets within their first four years of operations. It is also looking to expand its insurer- and corporate-focused B2B model into Malaysia and Thailand.

“We will also continue to evaluate and seize expansion opportunities in other parts of the region where we can establish payer partnerships and where there is market receptivity toward telemedicine,” a spokesperson for the company told Tech in Asia.

The firm has started its series B fundraising round, in which it looks to raise US$25 million. WhiteCoat previously closed its series A at US$10 million in a round led by the GEC-KIP Technology and Innovation Fund.

In addition to its primary care offering, WhiteCoat has also recently launched pediatrics, obstetrics, chronic disease management, and mental wellness services.

This news comes after the firm opened up its regional headquarters in Singapore.

See also: This Indonesian healthtech firm checked out of hospitals to run clinics

Currency converted from Singapore dollar to US dollar: US$1 = S$1.30.