Philippines venture builder, Ayala engineer health-tech merger
917Ventures, a corporate venture builder controlled by Philippines-based telecom operator Globe Group, has merged its KonsultaMD telehealth platform with assets held by Ayala Corporation to create a one-stop health super app.
KonsultaMD, which claims to be the country’s leading teleconsultation player with over 1m members and a retail network of over 50,000 outlets, will be combined with medicine delivery business HealthNow, and laboratory testing and home care specialist AIDE. The merged entity will have a user base of more than 2m. The super app – called KonsultaMD – will go live in the first quarter of 2023.
917Ventures positions itself as a start-up factory that devises, launches, and scales technology-enabled businesses across financial services, education, advertising, and commerce. It established HealthNow in partnership with Ayala Healthcare Holdings (AC Health). In February, HealthNow acquired AIDE.
AC Health is a wholly-owned subsidiary of Ayala, the largest conglomerate in the Philippines. Its portfolio includes retail pharmacies, drug import and distribution businesses, clinics, and hospitals. HealthNow is part of Vigos Ventures, a unit of AC Health that invests in and incubates health technology businesses.
KonsultaMD claims to be the most visible brand in the Philippines health-tech space. Its online doctor consultations are available through Globe mobile and broadband plans as well as through various third-party digital channels. HealthNow and AIDE both rose to prominence during COVID-19, leading private sector vaccination programs and diagnostic services.
“This is a very important step for us to further grow KonsultaMD. We have long experienced the challenges and difficulties of healthcare in the Philippines, and we intend to address those challenges,” said Vince Yamat, a managing director at 917Ventures, in a statement.
“Our ambition is to democratise health services, making it as easily available and affordable to every Filipino regardless of where you are in the country.”
Last year, another domestic conglomerate, Equicom Group, entered the telehealth space through a joint venture with Singapore-based Doctor Anywhere, which last year closed a USD 65.5m Series C round. Metro Pacific Investments, part-owner of Metro Pacific Hospital Holdings, is also active in the space with its mWell app.
More on Southeast Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.