S-E Asia healthtech investments more than double in 2019

INVESTMENTS into healthtech in South-east Asia hit a new high in 2019, with deal value more than doubling to US$266 million from US$118 million the year before, despite a dip in deal count to 47 from 53.

Average funding value in 2019 was US$5.6 million, 2.5 times the average funding value in 2018, according to healthtech market intelligence and advisory firm Galen Growth. The increase was driven by startup Halodoc's US$65 million Series B fundraise (which excludes the undisclosed B1 extension).

Healthtech funding has climbed at a rate of about 40 per cent each year since 2014.

The first quarter of 2019 also saw the largest amount of investments into healthtech by both value and volume, coming in at US$123 million across 19 deals.

Other major investments during the year include Biofourmis' raise of US$35 million in Series B funds, Alodokter's US$33 million Series C fundraise, and CXA Group's US$25 million Series B1 fundraise.

Singapore kept its lead in terms of deal volume share - 54 per cent of healthtech investments in 2019 were into companies based there. However, its share narrowed from 74 per cent the year before as neighbouring countries develop their ecosystems and attractiveness, the report said.

Malaysia, Indonesia, Vietnam and Myanmar increased their deal volume share in 2019, while Thailand and the Philippines' deal volume share remained flat. Indonesia accounted for two of the top five largest deals of 2019, while Singapore accounted for the remaining three.