Telemedicine firm WhiteCoat raises S$10.8m in venture funding

Singapore

TELEMEDICINE firm WhiteCoat has raised S$10.8 million in Series A funding, led by a venture capital fund.

The commitment is believed to be the largest amount raised in Series A funding by a Singapore-based telemedicine company to date. This is also the first time WhiteCoat has taken third-party capital.

The investment is made by the GEC-KIP Technology and Innovation fund, co-managed by Korea Investment Partners and the Singapore-based Golden Equator Ventures. Other participating investors include SGInnovate and Asia Resource Corporation.

WhiteCoat aims to use the proceeds to further its lead in the Singapore telemedicine space, and to bolster its foray into South-east Asian markets. This year, for instance, the firm took initial steps into Indonesia where it is understood to be finalising a partnership with an insurer.

In Singapore, the firm has been on a strong growth trajectory, particularly since it inked its partnership with AIA in 2019, which opened up a corporate client base of 1.2 million employees and their dependants. It also services policyholders of AIA's Integrated Shield plans.

The Covid-19 health crisis has further fuelled its growth. Last year revenues rose eight times, and the number of consultations surged seven times.

The funding is also expected to enable the firm to enhance its full-stack proprietary telemedicine platform, doubling down on product development and engineering, and to further expand its suite of remote healthcare services. Over the past year the services included in-home diagnostic testing, specialist care and mental wellness services.

WhiteCoat was the first participant in the Licensing Experimentation and Adaptation programme for telemedicine, a regulatory sandbox initiative under the Ministry of Health. It was the brainchild of siblings Bryan and Natalie Koh, children of veteran banker Edmund Koh. The younger Mr Koh is WhiteCoat's chief executive. Ms Koh is a practising cardiologist. Until now, the company was funded by seed capital of S$5 million from the family.

It takes users of WhiteCoat's app less than 12 minutes to consult a doctor, from the time a call is logged until payment. Medicines are delivered in around 90 minutes, via a partnership with Grab.

Bryan Koh, WhiteCoat founder and CEO, said in a statement: "WhiteCoat has been on a sharp growth trajectory even before Covid-19, propelled by an influx of first-time patients and strong repeat usage from our existing base. We see this investment as an endorsement of our vision in making WhiteCoat the first touchpoint for all healthcare needs.

"With this investment we will further develop and scale our technology and services and create transformative and smart healthcare solutions which benefit patients, healthcare professionals and insurers across the region."

Synclare Kim, managing director and head of KIP Singapore on behalf of the GEC-KIP Fund, said: "WhiteCoat's demonstrated service excellence and track record of providing high quality, timely and affordable care have set them apart from their counterparts. We are confident that the team is in the best position to improve accessibility to, and set even higher standards for, healthcare in the broader regional communities."

Dr Lim Jui, SGInnovate chief executive, said SGInnovate seeks to support "high potential companies with novel solutions" to solve tough challenges.

"WhiteCoat is one great example, which offers a comprehensive and seamless suite of telemedicine services such as primary care, chronic disease management and specialist care... We believe their regional expansion will be a success through partnering with key players like AIA, further driven by current demand for telehealth, and look forward to being part of their growth journey."

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