Singapore enterprise healthcare startup MyDoc raises $5.2m

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MyDoc, a Singapore-based healthtech startup, raised US$5.2 million in a series A funding round.

Since its inception in 2014, the startup has focused on solving employee healthcare management for large enterprises. Its new suite of products, MyDoc@work, is set to launch towards the end of this year, the firm tells Tech in Asia.

It will let employees book video consultation with doctors, order online prescriptions, and access insurance information. Some of the features, like online medical certificate application the startup launched not long ago, already existed before, but their use will be simplified as part of the new product suite.

The goal is to integrate all aspects of healthcare by connecting patients, healthcare professionals, pharmacies, insurers, and employers, on one platform, which saves time and provides all sides with valuable data to learn from.

“We’re solving the pain point some corporates have with increasing healthcare costs,” says Dr. Snehal Patel, CEO and Co-Founder of MyDoc.

Current clients include insurers such as AIA and AXA, Singapore’s Health Promotion Board (HPB), Guardian Pharmacy, AcuMed Medical Group and Farrer Park Hospital.

MyDoc has focused on its Singaporean home market in the past, with some trials in Sri Lanka and Hong Kong. The latter especially showed promise, says Patel, and he expects MyDoc to be more active there in the future. But other regional markets like Indonesia are also in the cards.

“Corporate healthcare and insurance markets tend to be quite uniform,” Patel says. Its existing relationships with globally operating enterprises and insurers should help MyDoc when entering new territories.

The round, which was led by global IT services company UST, makes one of the top 10 largest of healthtech investments in Southeast Asia, according to Tech in Asia data.

Singapore is the region’s leader in healthtech. All ten firms which have raised US$5 million or more are registered there. US$25 million, the largest round to date raised by a regional healthtech firm, went to CXA earlier this year. It also focuses on the enterprise healthcare space.

Early stage venture capital firm Wavemaker Partners also participated in MyDoc’s series A investment. Previous investors include Singapore government-related fund Spring Seeds, and August Capital Partners.