Novo Holdings participates in US$65.7 Million Series C Financing in Singapore-based Regional Telehealth Platform Doctor Anywhere
August 31, 2021
One of the largest private funding rounds by a healthtech company in Southeast Asia
Fourth investment in Asia this year by Novo Holdings
With a presence in six countries in the APAC region, Doctor Anywhere serves more than 1.5 million users
SINGAPORE – 31 August 2021 – Novo Holdings A/S (“Novo Holdings” and “NH”), a leading international investor in healthcare and life sciences, today announces that it has participated in the US$65.7 million Series C financing in Doctor Anywhere (“DA”, “the Company”), a regional tech-led healthcare company headquartered in Singapore. As a result of the financing, Dr Amit Kakar, Senior Partner, Head of Novo Holdings Equity Asia will join the Company’s Board of Directors and Carol Wang, Senior Associate, Novo Holdings Equity Asia will join the Board as an Observer.
DA combines technology and innovation to transform the way people access healthcare and provide a seamless integration of the online and offline healthcare experiences.
The DA Virtual Clinic is a digital platform that enables patients to access medical assistance on-demand anytime, without leaving their homes, whilst its offline platform provides users with access to resources such as GP clinics and mobile healthcare services. The Company’s services allow for the management of a wide range of acute and chronic conditions in both adults and children, such as home-based health screenings and vaccinations, medication access and distribution, COVID-19 testing, mental wellness support, and nutrition and fitness counselling.
Since its launch in 2017, DA has grown exponentially to serve more than 1.5 million users in Singapore and the wider region. The COVID-19 pandemic also served as a catalyst to fast-track the adoption of telehealth services in the region, and garnered strong interest and partnerships with leading brands across consumer healthcare and insurance industries.
The latest investment will significantly bolster DA’s market leadership and put the Company in a leading position to further deepen its presence in its existing markets. It will also allow the Company to expand into new markets, to drive its mission of transforming the regional healthcare landscape through technology.
Dr Amit Kakar, Senior Partner, Head of Novo Holdings Equity Asia, said: “We are very pleased to invest in DA and to support its mission to transform the regional healthcare landscape through technology. This is our fourth investment in Asia this year and illustrates Singapore’s position as the leading telehealth hub in the region, and is a great addition to our growing portfolio of telemedicine and digital health platforms. We look forward to building on this momentum and to continuing to invest in life science and healthcare companies that are true leaders in their sectors.”
Lim Wai Mun, Founder and Chief Executive Officer of Doctor Anywhere, said: “DA’s mission is to be the largest tech-enabled omni-channel healthcare provider in Southeast Asia, and tech-enabling offline businesses is part of how we differentiate ourselves from competitors. We are thrilled to attract the interest of Novo Holdings, one of the world’s leading life sciences investors. This financing is a significant milestone which is a testament to our vision and track record. We will utilize this funding to further enhance our digital capabilities, and scale up on our ability to deliver quality healthcare seamlessly to our users in Southeast Asia.”
The round was led by growth equity investor Asia Partners and also joined by Philips Venture, OSK-SBI Ventures and existing investors Square Peg, Singapore-based global investor EDBI, IHH Healthcare, Kamet Capital and Pavilion Capital.
Doctor Anywhere is currently available in Singapore, Malaysia, Thailand, Vietnam, and the Philippines. The group also recently announced the establishment of regional tech hubs in Bangalore, India, and Ho Chi Minh City, Vietnam.
Senior Programme Lead, Communications, Christian Mostrup +4530674805 firstname.lastname@example.org