Singapore-based Telehealth Startup Doctor Anywhere Secures US$27 million in Series B Fundraising Round

Wed Apr 1, 2020 - 3:35am GMT+0000

Doctor Anywhere, a telehealth startup based in the island city-state of Singapore, announced recently that it has landed US$27 million in a Series B funding round that was co-led by IHH Healthcare, Square Peg and EDBI. IHH Healthcare is a joint Malaysian-Singaporean private healthcare entity that is Asia’s largest private healthcare group, while Square Peg is a venture capital fund with investments in Southeast Asia and Australia with a focus on Series A and Series B startups, and EDBI is a Singapore-headquartered premiere global investor with a focus on high growth technology sectors ranging from healthcare, emerging technology and other key industries. The telehealth startup’s latest financing round also saw the participation of other investors such as Kamet Capital Partners, a Singapore-based multi-family office that manages the assets of several high net worth families based in Asia, and Pavilion Capital, a private equity fund that is a subsidiary of Singapore state investment firm Temasek.

The fresh injection of funds will enable Doctor Anywhere to further accelerate its regional expansion as it seeks to enter new markets in Southeast Asia, such as the Philippines and Malaysia. Additionally, the newly acquired funding will be utilized by the healthcare startup to solidify its position in its base of Singapore, said Lim Wai Mun, chief executive officer and founder of Doctor Anywhere. The company also revealed that it has plans for the expansion of its data science and technology teams. Recently, the healthcare startup had formed a strategic partnership with a global insurance provider and renowned private hospital to launch its digital platform, which provides video consultation, digital marketplace and other healthcare services, in the country of Thailand. The technology-enabled startup also has a presence in Vietnam, where it has operations running in the major cities of Ho Chi Minh City and Hanoi.

Commenting more on the startup’s latest fundraising round, Mr. Lim said that Doctor Anywhere is delighted to have established key partnerships with this remarkable group of institutional investors, particularly during this difficult period when the worldwide challenge of overcoming the covid-19 pandemic is top of the list for numerous countries. He added that the company’s platform has seen a surge in the number of registrations of both doctors and users since social distancing efforts have become more prominent lately, and noted that its user base has increased more than twofold since the month of January. To help combat the spread of covid-19, the telehealth startup has positioned its telemedicine platform at several key custom checkpoints at ferry terminals. Individuals who exhibit symptoms are able to access the platform and have video consultations with Singapore-registered doctors right there and then. Besides that, Mr. Lim said that the telehealth startup is also supplying much-needed medical assistance and services to individuals who are quarantined in their homes.

Moving forward, Mr. Lim noted that the telehealth startup Doctor Anywhere is pleased to be working together with their partners in fulfilling their mission of innovating the conservative healthcare industry to make healthcare services more easily accessible and affordable to all. With their partners’ support and expertise, the healthcare-focused startup is well on its way to becoming a leading regional tech-enabled healthcare platform.