Telemedicine platform Doctor Anywhere has acquired Catalist-listed Asian Healthcare Specialists and closed a US$38.8 million ($52.65 million) Series C1 funding round, the company announced on Dec 21.
The up round is led by Novo Holdings, a leading international life science investor. The round also included other existing shareholders Asia Partners, Kamet Capital, Square Peg, IHH Healthcare, EDBI and OSK-SBI Venture Partners.
This comes a year after the company raised a US$65.7 million Series C in August 2021. This brings the total capital raised by Doctor Anywhere to nearly US$140 million.
Dr Amit Kakar, senior partner and head of Novo Holdings Equity Asia, says Doctor Anywhere has shown an exceptional track record since its inception. “Today, it has firmly established itself as a regional leader in healthcare, successfully integrating seamless online and offline approaches to bring easily accessible and affordable healthcare to millions across Southeast Asia.”
According to Doctor Anywhere, the funding will be used to accelerate growth and to partly fund the acquisition of Asian Healthcare Specialists.
See also: Lim Wai Mun of Doctor Anywhere named EY Entrepreneur of the Year 2022 Singapore
(From left to right) Travis Seet, CFO and Dr Chin Pak Lin, CEO of Asian Healthcare Specialists; Lim Wai Mun, founder & CEO and Edwin Basuki, CFO of Doctor Anywhere
Asian Healthcare Specialists is a group of 14 medical specialists. Its 12 specialist clinics across multidisciplinary specialities comprise orthopaedics, ophthalmology, dermatology, urology, gastroenterology, otorhinolaryngology, anaesthesia, family medicine and rehabilitation.
The acquisition was first announced on Oct 6, when Labrador Park, a special purpose vehicle indirectly wholly-owned by Doctor Anywhere, offered to takeover Asian Healthcare Specialists at 18.8 cents per share.
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As at Oct 6, Labrador Park has three members of the management of Doctor Anywhere on its board of directors. They are: Lim Wai Mun, founder, CEO and chairman, as well as the sole executive director of Doctor Anywhere; Ng Chen Xuan, Doctor Anywhere's senior manager for corporate development; and Melissa Marie Tan Shu Ling, the legal director of Doctor Anywhere.
In a press release, Lim says the acquisition of Asian Healthcare Specialists strengthens Doctor Anywhere’s capabilities beyond primary care services. “We continue to be on the lookout for synergistic opportunities and targeted acquisitions of critical healthcare assets across the region, which will enable us to further the work we have begun on building a regional healthcare ecosystem that leverages technology and innovation.”
Dr Chin Pak Lin, CEO of Asian Healthcare Specialists, says: “Coupled with shifting demographics, technological innovations, and the diverse nature of healthcare infrastructure across Southeast Asia, we’re currently sitting at the nexus of potential transformation. We are excited to join Southeast Asia's largest omni-channel healthcare provider and bring our well-established specialist care expertise to the group.”
Last month, Lim was named EY Entrepreneur of the Year 2022 Singapore (EOY).
The 40-year-old beat five other category winners and will go on to compete with winners from other countries at next June’s EY World Entrepreneur of the Year. Besides winning the top honour, Lim earlier won one of the six EOY category awards, in the field of Healthcare Services.
Lim, who used to work at Standard Chartered Bank and Temasek, launched the telemedicine platform in 2017, seeking to connect “care-seekers” to healthcare providers through video-calls via mobile phone.
Doctor Anywhere today counts 2.5 million users and more than 600 employees across six countries. Besides Singapore, the company also operates in Malaysia, Thailand, Vietnam, Indonesia and the Philippines.