Early Facebook backer joins $2.4m seed round of Australian healthtech firm

Early Facebook backer Jim Breyer announced his first investment in Australia, joining the roughly US$2.4 million seed round of direct-to-consumer healthcare startup Rosemary Health.

Rosemary Health founders (from left) Ai Nhi Bui, Danielle Abbon, and Romain Bonjean / Photo credit: Rosemary Health

Breyer Capital, an independent global firm set up by Breyer, poured in A$900,000 (almost US$700,000) as part of the funding round, while venture fund Artesian and Spring Capital invested A$1.4 million (US$1.1 million) and A$250,000 (US$193,000), respectively.

Singapore-based Vulpes Investment Management, the largest investor in AstraZeneca Covid-19 vaccine producer Oxford Biomedica, injected A$500,000 (US$387,000).

Rosemary Health acts as a digital health clinic, offering treatments for a wide range of cases including allergy, acne, high blood pressure, diabetes, and sleeping problems.

Through the startup’s online platform, users can outline their symptoms to online doctors, have their prescription medication delivered free of charge, and keep in touch with their preferred doctors to report the progress of their treatment. Patients pay A$20 to A$25 (US$15 to US$19) per visit plus any medication costs.

Rosemary Health said in a statement that it plans to use the money to scale its capabilities to serve its growing customer base in rural, regional, and metropolitan Australia. It also plans to raise additional funds in the second half of this year to fuel growth and acquisitions, said co-founder and CEO Romain Bonjean.

Investing in the company was an opportunity to back a direct-to-customer telemedicine startup – a model that has yet to penetrate the Australian market at scale, according to Breyer.

“One of the unique things that attracted us to Rosemary Health was the strong clinical orientation of its approach, as well as its focus on ‘whole person care’ and chronic conditions that will deliver high lifetime value,” the serial investor added.

Although Breyer said he’s always had eyes on markets outside the US and China, he has no immediate plans to open an office in Australia.

Currency converted from AU dollar to US dollar: US$1 = A$1.29.