Bain leads $69m Series C for Japan's Linc'well
Bain Capital has led a JPY8 billion ($69 million) Series C round for Linc’well, a Japan-based software-as-a-service (SaaS) provider that caters to medical institutions.
Temasek Holdings-owned Pavilion Capital came in as a new investor, while the likes of Incubate Fund and DCM Ventures re-upped. Incubate, DCM, and Sony Innovation Fund led a JPY350 million round for the company in 2019, according to AVCJ Research.
Established in 2018, Linc’well has two core products: an IT support system for hospitals and clinics that facilitates appointment bookings and payments, and digitizes medical records; and a SaaS-based telehealth business that covers the entire treatment process, from consultation to drug delivery.
“Based on the challenges society has experienced during COVID-19, we believe that medical digitization, including online medical care, will become more important than ever – even after the pandemic has subsided,” the company said in a statement.
The new funding will go towards building out the healthcare platform, recruitment, and the development of new products.
Digitization and digitalization have become prominent themes in Japan’s middle market, given the country is ranked relatively low in these competencies globally. A McKinsey & Company study found that telemedicine penetration was just 5%, compared to 31% in Saudi Arabia.
Healthcare is commonly flagged as one of the most difficult sectors to digitize due to its large teams and a strong human nature factor. For example, persuading veteran nurses to take up new ways of treating patients can be a delicate process.
Other investment activity in the space includes CLSA Capital Partners’ acquisition of an 85% stake in Nhosa Corporation, an IT provider specializing in dental clinics, for about JPY8 billion in 2018. It made a partial exit in February to Tokyo-listed healthcare IT player EM Systems but retains a majority position.
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