UOB leads $65m Series B for Indonesia's Halodoc
Singapore-based United Overseas Bank (UOB) has led a $65 million Series B round for Indonesian healthcare technology provider Halodoc.
The bank is participating as a new investor via its direct equities arm UOB Venture Management. Other new investors in the round include Singtel Innov8, Korea Investment Partners and WuXi AppTec. Unspecified existing backers were also said to have contributed.
It follows an $11 million Series A led by Singapore’s Clermont Group with support from NSI Ventures and its portfolio company Go-Jek, as well as Blibli, an e-commerce platform controlled by Indonesian tobacco company Djarum Group. Previous investors also include Openspace Ventures.
Halodoc offers a mobile app and website that allow customers across Indonesia to have live consultations with more than 20,000 licensed doctors and order lab tests that can be carried out at home. Medication can be ordered from 1,300 participating pharmacies and delivered within an hour.
According to a statement, Halodoc’s platform usage grew by 2,500% during 2018. The growth has been largely attributed to the geographic realities of the target market. Indonesia is the world’s fourth largest country with some 260 million people, but the population is spread out across 17,000 islands, resulting in especially poor access to reliable healthcare.
“Today, we provide two million customers with convenient and reliable healthcare services monthly, of which half reside outside Java,” said Jonathan Sudharta, founder and CEO of Halodoc. “The strategic investments and partnerships will enable us to accelerate our efforts in building a platform that improves access and convenience to millions of Indonesian customers.”
The Series B capital will be used in part to develop an online-to-offline healthcare system for hospitals and insurance partners. Halodoc claims to have already partnered with more than 1,400 hospitals and healthcare providers as part of efforts to reduce post-appointment wait times at pharmacies and promote services related to cashless hospital visits and better access to insurance.
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