Singapore's Doctor Anywhere raises $38m, makes acquisition
Southeast Asia-focused telehealth platform Doctor Anywhere has closed a second tranche of Series C funding worth USD 38.8m and acquired Singapore-listed Asian Healthcare Specialists (AHS).
Novo Holdings, which manages the wealth of Denmark’s Novo Nordisk Foundation, led the new funding round. It was joined by Asia Partners, Kamet Capital, Square Peg, IHH Healthcare, EDBI, and OSK-SBI Venture Partners.
All are existing investors. Asia Partners led the USD 65.5m first tranche of the Series C in September 2021, supported by OSK-SBI, Novo, Royal Philips, Square Peg, IHH Healthcare, Kamet, EDBI, and Pavilion Capital. Doctor Anywhere has now raised nearly USD 140m since its inception.
The proceeds will be used to fund the AHS acquisition and accelerate growth. The company said in a statement that AHS will expand its capabilities beyond telehealth and primary care, adding specialist care coverage across Southeast Asia.
In the past couple of years, Doctor Anywhere has expanded from an almost exclusive focus on its home market of Singapore to a footprint spanning Vietnam, Thailand, Malaysia, and the Philippines by tapping a proven playbook of ASEAN regionalisation through omnichannel engagement.
The idea is to facilitate a blend of onsite and virtual experiences such as an initial in-person doctor consultation, followed by a regime of quick online check-ups and the occasional house call by a nurse, who can collect samples or administers tests to be discussed later via video.
“We are continuing to figure out what our users really want, and at this point what we realize is we cannot be a pure online platform because while it’s a more accessible solution, it cannot solve all the issues,” Wai Mun Lim, the company’s CEO, told AVCJ after closing the first tranche of the Series C in 2021.
“That’s why we decided that we need to mix online and offline healthcare together into one. The holy grail for us is that the users don’t know the difference anymore.”
AHS, which is listed on the Singapore Exchange’s Catalist board, comprises 14 medical specialists who operate out of 12 clinics. It claims expertise in orthopaedics, ophthalmology, dermatology, urology, gastroenterology, otorhinolaryngology, anaesthesia, family medicine, and rehabilitation.
Revenue reached SGD 27.6m (USD 20.4m) in the 2021 financial year, up from SDG 16.9m in 2020. Over the same period, net profit rose from SGD 4m to SGD 6.8m.
“We are confident in Doctor Anywhere’s growth as it builds a regional ecosystem to bring delivery of patient care to the next level, in line with its vision to become the leading tech-enabled omnichannel healthcare provider in Southeast Asia,” said Amit Kakar, a senior partner and head of Asia at Novo.
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