Personal Finance

US$13 million funding in the form of convertible note secured by Singapore’s DocDoc

US$13 million funding in the form of convertible note secured by Singapore’s DocDoc

In order to achieve the objectives of product growth and market expansion, a medtech startup, DocDoc has successfully raised funds in the form of convertible note, worth US$13 million through a funding round recently.

London based Investment Company called Adamas Finance Asia Limited (ADAM) led the funding round having once invested US$2 million worth convertible note, earlier in 2018, March. Supporting the round were the Cyberport Marco Fund, leading regional family offices, a fund managed by a global investment firm specializing in financial services.

Cole Sirucek and Grace Park founded DocDoc in the year 2012. The startup empowers patients to optimize their healthcare decision-making and enhance the patient’s end-to-end healthcare journey, making it the world’s first patient intelligence startup.

On one hand, doctors can be connected by patients through the startup, and on the other costs can be reduced as the startup also connects the patients with insurance companies that offer differentiated products to its clients. It manages to do so through its AI- powered platform that utilizes objective metrics based on what the company calls Heuristic for Outcome, Price, and Experience or “HOPE”; making it a doctor discovery service. Spread across eight countries, DocDoc has a network of over 23,000 doctors and 793 hospitals and clinics, making it Asia’s largest.

DocDoc is brings innovative and impactful solutions on the table, which according to Dr, George Lam, the Chairman of Cyberport; will aid Hong Kong maintain its leader position in the insurance industry in the coming years.

Led by Hong Leong Financial Group President and CEO Raymond Choong Yee How, with participation from Sparklabs Global Ventures, in Series A funding, DocDoc had secured funding worth US$8.7 million in 2015.

Uptil now, a total US$24.6 million has been raised by DocDoc, and with the latest sum secured it plans to enhance its patient intelligence platform.

Comment here