Munich, Germany-based TeleClinic has raised $7.96 million (7 million euro) in Series A funding from Idinvest Partners.
According to an announcement released this morning, the telemedicine company will use this backing to scale its offerings through new partnerships and increased marketing.
TeleClinic’s 24-7 service offers voice and video tele-visits with practitioners of more than 30 different clinical specialties. The company currently has relationships with 7,000 pharmacies, and access to roughly half of Germany’s privately insured individuals — with plans to extend its model to statutory health insurers in 2019.
Today’s new investment builds on the company’s previous seed funding of $2.28 million (2 million euro), announced last year.
Why it matters
In a statement, CEO Katharina Jünger said that she expects demand for telemedicine services to grow within Germany due to the country increasing number of aged, care-intensive residents. Similarly, Matthieu Baret, managing partner at Idinvest Partners, highlighted frequent gaps in medical care among rural patients as another potential population that could be served by the European telemedicine company.
What’s the trend
With telemedicine on the upswing in 2018 with new deals and more patients, a handful of providers are looking expand in Europe and international markets. Kry, a Stockholm, Sweden-based telemedicine app company, raised $66 million (53 million euros) just this summer for its push into additional EU regions. Meanwhile, Teladoc’s recent acquisitions of Best Doctors and Advance Medical led the telehealth provider to launch its global offering in September.