Singapore’s DocDoc secures US$13 million funding led by Adamas Finance Asia

Wed Aug 7, 2019 - 4:25am GMT+0000


7/8/2019 – DocDoc, a medtech startup has secured a US$13 million round in the form of a convertible note to support market expansion and product growth.

The round was led by Adamas Finance Asia Limited (ADAM), an investment company listed in London, alongside leading regional family offices, a fund managed by a global investment firm specializing in financial services and the Cyberport Marco Fund.

This is the second time ADAM had invested in the startup, after previously investing US$2 million worth of convertible note in March 2018.

Commenting on the deal, Chairman of Cyberport Dr. George Lam said, “Hong Kong is Asia’s leader in the insurance industry, and it is important that we bring innovative impactful solutions like DocDoc to our market to ensure we maintain this leadership position for years to come.”

Founded in 2012 by husband-wife duo Cole Sirucek and Grace Park, DocDoc is said to be the world’s first patient intelligence startup that empowers patients to optimize their healthcare decision-making and enhance the patient’s end-to-end healthcare journey.

The startup connects patients to a network of doctors through its AI-powered platform, as well as insurance companies to reduce costs and offer a differentiated product to their policyholders. Its doctor discovery service uses objective metrics based on what the company called “HOPE”, which stands for Heuristic for Outcome, Price, and Experience.

Currently, DocDoc has the largest network of doctors in Asia with more than 23,000 doctors and 793 clinics and hospitals across eight countries.

DocDoc co-founder and CEO Cole Sirucek said, “We believe in the potential of our patient intelligence platform to revolutionize and redefine the delivery of healthcare. We enable our partners to save money, boost engagement, and delight their customers in measurable ways, but what is far more important is that we meaningfully help people.”

“These are real people with real problems,” added Sirucek. “People who are uncertain or scared, people who know a lot or almost nothing about healthcare, and people who need a friend to help navigate an amazingly complex healthcare ecosystem.”

Before the funding last year and this round, DocDoc raised US$8.7 million in Series A funding in 2015, led by Hong Leong Financial Group President and CEO Raymond Choong Yee How, with participation from Sparklabs Global Ventures.

DocDoc’s recent round of funding brings the total amount raised to date to US$24.6 million. It last raised a US$5.48 million convertible note from ADAM in March last year.

With the newly raised funding, DocDoc plans to enhance its patient intelligence platform.

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Vivian Foo is a reporter who writes about Southeast Asia’s technology and startup space. The entry point which led her to write about the startup ecosystem was her fascination of the dot-com boom. She is taking a deep dive into how the entrepreneurial mindset works and hopes to share the insights, innovation, and stories of the startups with her readers.