DocDoc, a virtual network of physicians and hospitals supporting patients to find quality medical care in Asia, has raised US$5.45 million in new funding round, led by London-based investment company Adamas Finance Asia Limited (ADAM).
ADAM invested US$2 million via a convertible bond offering alongside regional family offices and high net-worth individuals.
According to Singapore-headquartered DocDoc, this investment will help it to focus on scaling its doctor discovery product.
“ADAM’s investment has come at a most opportune time as we scale our value-added doctor discovery service in conjunction with the region’s largest insurance companies. The ADAM and Harmony Capital team have done a great job helping us put this financing together and we look forward to them continually adding significant value going forward,” DocDoc Co-founder and CEO Cole Sirucek said.
DocDoc calls itself Asia’s patient empowerment company. With a network of over 23,000 physicians, 600 clinics and 100 hospitals, the medtech platform enables patients to find the right care at the right time. It combines expertise in clinical informatics, Artificial Intelligence, and healthcare quality assessment to deliver healthcare solutions.
In 2015, DocDoc raised US$8.7 million in Series A funding, led by Hong Leong Financial Group President and CEO Raymond Choong Yee How, with participation from Sparklabs Global Ventures.
The startup has offices in Indonesia, Singapore, Malaysia, Vietnam, and the Philippines.
ADAM’s Chairman John Croft said: “…the DocDoc investment represents an important step in creating London’s leading diversified, growth and income pan-Asian investment company. DocDoc is an exciting next generation digital health platform, adeptly fulfilling patient demand and supported by partnerships with leading insurance companies.”
ADAM focuses on delivering long-term income and capital growth to shareholders through a diverse portfolio of pan-Asian investments.
In Asia’s healthcare market, majority of the healthcare decisions are based on recommendations from personal network or arbitrary sources, which are not backed by concrete data. By empowering patients with the relevant data in their time of need, DocDoc aims to connect patients to the most suitable doctor and thereby resulting in efficiently-priced treatments, better outcomes and improved experiences.