Singapore gov’t investment unit joins $8.1m round in telemedicine startup

WhiteCoat, a telemedicine startup based in Singapore, has raised S$10.8 million (US$8.1 million) in its series A round led by the GEC-KIP Technology and Innovation Fund.

The WhiteCoat team / Photo credit: WhiteCoat

Investors including SGInnovate, the Singapore government’s investment unit, and Asia Resource Corporation also participated in the round.

Founded in 2018, WhiteCoat connects consumers to a network of medical practitioners and allied healthcare professionals who treat common ailments and chronic illnesses.

The company will use the new funds to expand into key Southeast Asian markets. It’s also looking to invest in product development and engineering as well as to increase its suite of remote healthcare offerings, which currently includes in-home diagnostic testing, specialist care, and mental wellness services.

“WhiteCoat has been on a sharp growth trajectory even before Covid-19, propelled by an influx of first-time patients and strong repeat usage from our existing base,” said founder and CEO Bryan Koh.

The healthtech firm says that in 2020, it recorded an 8x increase in revenue and a sevenfold surge in consultation figures. It is also “well-positioned” to leverage its insurer integration expertise in new markets across Southeast Asia through its partnership with AIA Group.

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While the economic fallout from the Covid-19 pandemic has taken a toll on various sectors, telemedicine has bucked the general trend and emerged as a winner. WhiteCoat plans to capitalize on this spike in telehealth usage across Southeast Asia.