DocDoc raises US$5.45mil in Series B funding round
By Digital News Asia March 21, 2018
- Round led by ADAM (Adamas Finance Asia Limited), a London-listed investment company
- DocDoc will use the funds to scale their doctor discovery product
SINGAPORE-based DocDoc, an Asian patient empowerment company, announced on March 19 that it has raised US$5.45 million (RM21.33 million) in their Series B round of funding.
The financing is led by ADAM (Adamas Finance Asia Limited), a London listed investment company who invested US$2 million (RM7.83 million) via a convertible bond offering alongside regional family offices and high net worth individuals.
DocDoc leverages on the latest in clinical informatics, artificial intelligence and healthcare quality assessment across Asia's largest healthcare provider network to deliver simple yet powerful solutions.
In Asia's healthcare market, the 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 every patient to the most suitable doctor and thereby resulting in efficiently priced treatments, better outcomes and improved experiences for patients across Asia.
The investment from ADAM will help DocDoc focus on scaling their doctor discovery product as explained by DocDoc's co-founder and CEO, Cole Sirucek (pic, right): "We are thrilled to welcome ADAM to the DocDoc family. Their 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."
The investment was in line with ADAM's strategy providing its shareholders with a diversified pan-Asian portfolio to maximise income and potential capital gain.
ADAM's chairman, John Croft, commented on the new investment: "We are delighted to make our first investment following the change to our investment policy and a series of successful disposals in 2017.
“The transformation of the ADAM portfolio is fully underway and 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."