Singapore's Docquity raises $44m Series C
Singapore-based Docquity, a networking service for more than 300,000 doctors across Southeast Asia, has raised USD 44m in Series C funding led by Japan’s Itochu Corporation.
Itochu contributed USD 32m to the round, which also featured iGlobe Partners, Alkemi Growth Capital, Global Brain, KDV Capital, and Infocom Corporation. Total funding to date amounts to USD 57.5m, with previous investors including Convergence Ventures, Genesia Ventures, Spiral Ventures, and Singapore Press Holdings.
Docquity claims to be the largest professional community of healthcare professionals in Southeast Asia, connecting two-thirds of doctors in the region for knowledge exchange and collaboration. The idea is to help doctors be more informed and make better diagnosis decisions while mitigating geographic and talent scarcity constraints.
The company has offices in India, Indonesia, the Philippines, Malaysia, Thailand, Vietnam and Taiwan, as well as partnerships with more than 250 medical associations. Revenue this year has already nearly doubled revenue in 2021, according to a statement.
The Series C will be used to scale operations in existing markets and pursue new markets such as Japan and Taiwan, as well as the United Arab Emirates, Saudi Arabia and Egypt. There will also be investments in products around university partnerships and education, virtual consultations, and data insights for responding to doctors’ needs.
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