Doctor Anywhere raises US$40.8 million in Series C1 extension round

HEALTHCARE tech startup Doctor Anywhere has raised US$40.8 million in a Series C1 extension all-equity funding round.

Investors in the round include existing shareholders Square Peg and Novo Holdings.

The startup has multiple healthcare solutions from telehealth to physical clinics and specialists. This round comes amid a funding winter with startups struggling to raise money from investors.

Dr Amit Kakar, senior partner, head of Novo Holdings Asia, said: “Our investment in Doctor Anywhere reflects our commitment to fostering personalised and intuitive healthcare experiences that result in better health outcomes.”

The funds will be used to scale up Doctor Anywhere’s healthcare solutions such as predictive healthcare needs assessment and appointment scheduling, as well as improve accessibility and efficiency.

The funds will also be used to expand the startup’s presence in specialist care, following its acquisition of Asian Healthcare Specialists (AHS).

Doctor Anywhere took the Catalist-listed company private in December 2022 after about 97.5 per cent of shareholders accepted its offer. Financial filings retrieved via data platform Alternatives.PE showed the startup’s 2022 revenue grew 61.8 per cent to S$51.6 million, while losses widened to S$44.6 million from S$16.3 million in 2021.

It is looking to ride the increasing demand for specialist care in South-east Asia, with priorities in enhancing and diversifying specialities within AHS.

Another acquisition is not out of the picture, with Doctor Anywhere on the lookout for potential opportunities to expand its healthcare offerings.

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Lim Wai Mun, Doctor Anywhere’s founder and chief executive officer, said: “In the next phase of South-east Asia’s healthcare evolution, our goal is to empower individuals to take charge of their health and well-being with early detection and preventive measures against chronic illnesses.”