Sequoia India leads Series C for Australia's HealthEngine

Alium Capital, an Australian private equity firm that makes pre-IPO investments on behalf of family offices and high net worth individuals (HNWIs), came into the round as a new investor alongside several family offices. Existing backers including Go Capital, Carsales.com.au founder Greg Roebuck and the founders of domestic e-commerce business Lux Group, also re-upped.

HealthEngine was founded in 2006 as an online healthcare directory but subsequently transitioned into a booking service and eventually a marketplace. It enables patients to identify healthcare practitioners in their area or with a particular specialty, check their availability, and make appointments online. They can also read other patients’ reviews of different medical centers.

The platform is accessed via website or smart phone by more than one million Australians every month, resulting in millions of appointments every year with doctors, dentists and physiotherapists. The new capital will be used to add headcount, enlarge the product portfolio, and expand into new markets, most likely through bolt-on acquisitions. HealthEngine currently employs over 100 people at its headquarters in Perth and in satellite offices in Melbourne and Sydney.

“At over A$160 billion per annum in expenditure, healthcare is one of Australia’s largest industries making up around 10% of our national GDP. The sector impacts every Australian but has been slow to adopt many of the advances we have become accustomed to in other industries,” said Dr. Marcus Tan, CEO and medical director at HealthEngine. “Our goal is to improve the health of all Australians by providing a platform that enables both timely access to quality care and a seamless patient experience.”

Sequoia will join cornerstone investors Telstra Ventures and Seven West Media on the HealthEngine board. The company is said to have raised nearly A$50 million to date.

Sequoia closed its latest India fund at $920 million in early 2016, with an institutional corpus of $875 million and a GP commitment of $45 million. The vehicle has a minority allocation for Asia deals outside of India but excluding China. The bulk of the firm’s non-India activity has focused on Southeast Asia.

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• Topics
• Australasia
• Healthcare
• Technology
• Expansion
• Venture
• Australia
• Sequoia Capital