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RHL Ventures makes follow-on investment in startup HealthMetrics
MALAYSIA-based venture capital and multi-family private investment firm RHL Ventures has made an undisclosed follow-on seed investment into healthcare platform startup HealthMetrics.
HealthMetrics is a Malaysia-based cloud-based human resource system that allows companies to manage their employees’ medical benefits.
The firm secured US$1 million in seed funding from RHL Ventures, Malaysia’s Cradle Seed Ventures and Japan-based Spiral Ventures last year. Following the additional investment from RHL Ventures and other institutional investors, HealthMetrics has closed its seed round.
The capital will be used for the startup’s expansion in Malaysia.
Rachel Lau, managing partner at RHL Ventures, said: “HealthMetrics has developed an intuitive platform to cater to a severely overlooked sector of corporate management, empowering companies to streamline the opaque costs and processes typically associated with claims management.”
To date, HealthMetrics has partnered with 1900 primary care clinics, 110 dental clinics, 188 optical providers and 70 hospitals. Its clients include GHL Systems Berhad, Bonia and Fuji Xerox.
Over the past year, the company doubled the size of its team, and is now working with over 360 companies in Malaysia. It aims to achieve an employee user base of around 100,000 by the end of January 2019.
HealthMetrics co-founder Alvin Yuan said: “We are now better-positioned to build an extensive network of healthcare suppliers to cater to more companies in not only Kuala Lumpur, but also in strategic cities across Malaysia’s Peninsula such as Penang, Johor and Malacca.”