Halodoc’s digital health ecosystem platform to expand access to high-quality healthcare with Series D funding of US $135 million

JAKARTA, July 31, 2023 – Novo Holdings today announced that it has increased its investment in Halodoc, an Indonesia-based healthtech platform, by joining the US $135 million Series D funding round led by Astra International Tbk (Astra). With this financing, Halodoc expects to strengthen its technology and expand access to convenient, high-quality care in the country.

Through its mobile app and website, Halodoc connects patients with more than 20,000 medical practitioners, 3,300 hospitals and 4,900 pharmacies and alleviates unmet healthcare needs in Indonesia. For context, Indonesia’s population is spread across 17,000 islands and 75,000 cities and villages, and more than 60% lacks access to primary care, and/or hospitals.

“Halodoc is improving affordability and access to healthcare in Indonesia with its robust digital technology and wide network of providers and partnerships. The company’s successful track record with national vaccination campaigns and Covid-19 vaccination response, and their ability to serve more than 20 million patients with convenient and high-quality healthcare is a strong foundation for sustainable growth,” said Novo Holdings Partner Navjeewan Khosla.

Novo Holdings first invested in the company in 2021.

Increasing efficiency and access to healthcare
Using technology, Halodoc provides integrated health services. Patients have access to telemedicine consultations with qualified doctors, registered clinics and diagnostic labs, as well as convenient and immediate access to medication delivered to their homes. Patients can make hospital reservations directly from their phones, and benefit from reliable and transparent doctor feedback, user reviews, ratings, and comparative price displays. The platform also allows for insurance and payment management. By focusing on improving the user experience, Halodoc has increased the frequency and length of interactions from both patients and providers.

The company’s success in reaching patients led to a partnership with the Ministry of Health to help roll out Indonesia’s national vaccination and Covid-19 response program. With more than 50,000 citizens vaccinated across two islands in the first 23 days of the program Halodoc became one of the country’s leading vaccination facilitators and a trusted provider for patients.

The Covid-19 pandemic also indirectly increased public interest in the use of technology, including online medical consultations. Based on data from the Indonesian Telemedicine Alliance (Atensi), there were approximately 17.9 million health consultation activities from 19 telemedicine companies in 2022.

“The focus of Halodoc is to address the pain points of our users – we simplify access to high-quality, efficient healthcare,” said CEO & Co-Founder of Halodoc Jonathan Sudharta. “In post-pandemic times where digital health options are becoming the preferred choice for patients, we find ourselves at a pivotal moment – our new challenge is to provide services for the growing demands for access to healthcare in Indonesia. We are deeply grateful to our investors for their invaluable support in this journey to apply technology to healthcare demands.”

The Series D round was joined by new and existing investors Acrew Capital, Argor (previously Go-Ventures), Allianz-X, Bangkok Bank, Bill and Melinda Gates Foundation, HEAL Partners, Intudo Ventures, Korea Investment Partners, Openspace, Prudential, TMI (Telkomsel venture arm), Temasek Holdings, Singtel Innov8, UOB Venture Management. Uni-President Asset Holdings Ltd.

According to Statista, by 2027 the global digital health industry is projected to reach US$3.97 billion, growing at a Compound Annual Growth Rate (CAGR) of 15% from the market value in 2022 of US$1.98 billion.

About Halodoc
Halodoc is the pioneer of a digital health ecosystem with a mission to simplify access to healthcare, by addressing users’ pain points for accessible, reliable, and affordable healthcare services. The company is also committed to promoting wellness by offering comprehensive health solutions, ranging from preventive to curative approaches, all within a single application.

Since 2016, Halodoc has been enhancing health literacy in Indonesia by providing user-friendly healthcare Communication, Education, and Information (KIE). Alongside this, our ecosystem has expanded, offering a range of services that facilitate convenient access to healthcare, starting from Home Lab as a preventive care feature enabling users privately and securely carry out health tests from the comfort of their homes; My Insurance that enables users to access the benefits of cashless outpatient services in a more seamless way; Chat with Doctor which allows users to consult with 20,000+ licensed doctors and health workers via chat, video or voice call; as well as Health Store features that provide users access to purchase medicines, supplements, and various health products from our network of 4,900+ trusted partner pharmacies.

Halodoc has been recognized as one of the telehealth platforms making a positive impact on the healthcare sectors since its inception and honoured to have received the “supervised” status in the Regulatory Sandbox program by the Ministry of Health of the Republic of Indonesia (MoH). This reflects the strong commitment and partnership between Halodoc and the MoH, ensuring participatory supervision to safeguard Digital Health Innovation (IDK) organizers, consumers and healthcare workers as the users of digital innovations. Throughout its development, Halodoc has racked up a string of prestigious awards at the scale of national and international, such as: selected to be the only Southeast Asian health technology start-up to feature on CB Insights’ Digital Health 150 list in 2019-2020 and given the Indonesian government’s 2023 PPKM Award.

The Halodoc application is available for download via iOS and Android.

About Novo Holdings A/S
Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation.

Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novozymes A/S and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seeds, Venture, Growth, and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development. As of year-end 2022, Novo Holdings had total assets of EUR 108 billion. www.novoholdings.dk