Singapore-based healthtech firm Lumiere32 closes $379k venture-debt round

Singapore-based healthtech startup Lumiere32 said it has closed a S$500,000 (US$379,155) venture-debt round with local financial solutions provider Goldbell Financial Services.

Lumiere32 founders Priti Bhole (left) and Raman Chauhan / Photo credit: Lumiere32

Established in 2016, Lumiere32 operates a platform that connects manufacturers, dealers, and medical and dental professionals across Singapore. The company said it has over 1,500 Singapore clinics registered on its platform to date.

With the increase in users, Lumiere32 said it aims to use the funds raised from the round to develop its buy now, pay later (BNPL) program Pay32 Wallet for local clinics. The move comes off the back of a productive 2020 for the company, which saw a 9x growth in top-line revenue for the year.

Additionally, the company will expand into the Malaysian market by the first quarter of 2021 and offer its BNPL service to medical and dental clinics in the country.

Lumiere32 is set to capitalize on an advanced healthcare market in Singapore, which is expected to more than double to US$68.7 billion by 2029, pushed by rising government spending on healthcare and Singaporeans’ increased use of healthcare services.

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In November, the Singapore-based firm bagged US$223,000 in seed funding from early-stage investment company Prasetia Dwidharma, among others. This came a month after the startup was embroiled in a legal dispute with She1k, the organizer of a pitching competition that Lumiere32 had won.