Swiss telemedicine startup, OnlineDoctor has concluded a Series A financing round of €5 million (CHF 5.5 million Swiss francs).
Swiss health insurance company CSS, along with SwissHealth Ventures led the funding round. New investors Mutschler Ventures and US investor, PilotRock Ventures also contributed to the funding.
Previous investors, including Forty:one, venture capital company, EquityPitcher and various angel investors such as Dr Ole Wiesinger, former CEO of the Hirslanden private hospital group, have participated in the capital increase.
To date, a total of €7 million (CHF 8 million Swiss francs) in venture capital has been raised.
WHY IT MATTERS
As a provider of teledermatology in Europe, OnlineDoctor will expand its subsidiaries in Switzerland, Germany and Austria and its network of 600 specialists in the DACH region.
Through its web-based platform, patients receive a specialist diagnosis and recommended action for their skin problem within 48 hours. Customers include hospitals, clinics, pharmacies, health insurance companies and international companies such as Hartmann and L’Oréal.
The funding will be used to drive internationalisation and growth and to further develop the platform. In addition, OnlineDoctor plans to expand the teams in St.Gallen, Zurich and Hamburg.
In Germany, over 10 million people with statutory health insurance can already use the service without having to pay extra.
THE LARGER CONTEXT
Last year, skin checking app Miiskin introduced an automatic imaging technology to support skin monitoring for patients at home. This followed it being the first skin checking app to be listed on the EMIS App Library, a database for clinicians in England of health apps reviewed by NHS Digital’s Digital Assessment Questions (DAQ) framework.
While recognising their potential, a study published in the BMJ has advised that skin cancer detection apps 'cannot be relied on' for accurate diagnosis.
ON THE RECORD
The two founders, Dr Tobias Wolf and Dr Philipp Wustrow said: "The strong growth of the company has been further accelerated by the obvious need for digital healthcare solutions during the current COVID 19 pandemic."
Peter Mittemeyer, member of the executive board for strategy and corporate services at CSS Insurance said: "OnlineDoctor is a perfect example of a company that is advancing our healthcare system through innovative and digital technologies, thereby improving integrated care. We are convinced of the benefits of this development and believe in the success of the startup."