DocDoc, a virtual network of physicians and hospitals supporting patients to find quality medical care in Asia, announced that it has raised $13M in its latest institutional capital round. The financing was done on a convertible note and was led by Adamas Finance Asia Limited (ADAM), a London-listed investment company, alongside leading regional family offices, a fund managed by a global investment firm specialising in financial services and the Cyberport Macro Fund.
To date, the Singapore-headquartered startup has raised a total of $24.6M in funding.
WHAT’S IT ABOUT
According to DocDoc, who dub themselves as the world's first patient intelligence company, their “AI-powered doctor discovery platform is reimagining the patient journey by building a patient-centric healthcare ecosystem that supports patients throughout the continuum of care and empowering them with readily digestible medical information to make well-informed healthcare decisions.”
The proceeds raised will be used to support DocDoc's market expansion and enhance its leading patient intelligence platform. Its current suite of product offerings includes doctor discovery, telemedicine, and cashless settlement.
Operating in eight countries, DocDoc has built a large network of doctors in Asia with over 23,000 doctors and 793 clinics and hospitals in its network. It partners with insurance companies and corporations enabling them to reduce costs, provide a superior level of service and offer a differentiated product to their policyholders.
THE LARGER TREND
In February this year, DocDoc secured a strategic investment from Hong Kong’s Cyberport Macro Fund (CMF). In March 2018, the company raised $5.45M in a funding round led by London-based investment company Adamas Finance Asia Limited (ADAM). Back in 2015, DocDoc raised $8.7M in Series A funding, led by Hong Leong Financial Group President and CEO Raymond Choong Yee How, with participation from Sparklabs Global Ventures.
ON THE RECORD
“We are excited to be moving from strength to strength with solid support from our investors and an ecosystem of exceptional partners. We believe in the potential of our patient intelligence platform to revolutionise and redefine the delivery of healthcare. Of course, we enable our partners to save money, boost engagement and delight their customers in measurable ways, but what is far more important is that we meaningfully help people. Real people with real problems. People who are uncertain or scared, people who know a lot or almost nothing about healthcare, and people who need a friend to help navigate an amazingly complex healthcare ecosystem.”
“At DocDoc, we have created the solution we needed when we faced this situation. Our product is real as it comes from the purest of intention, the need for parents to protect their child. Our product is real as it is built by an uncompromising team who owns the importance of our mission,” said Cole Sirucek, DocDoc Co-founder and CEO in a statement.