Enterprise Startups Worldwide, an Australian startup working beneath the title Updoc, has raised its first exterior capital. It acquired A$20 million ($13.2 million) in funding from ASX-listed capital investor Bailador.
WHAT IT DOES
Established in 2021, Updoc presents a spread of telehealth providers, together with digital consultations, on-line prescriptions, specialist referrals, pathology referrals, and medical letters. It presents these providers both as a one-off transaction or a month-to-month subscription.
So far, Updoc has served round 200,000 sufferers.
WHAT IT’S FOR
With out freely giving many particulars, Bailador shared that Updoc plans to make use of its contemporary funds to pursue worldwide enlargement. It can even be invested in know-how improvement.
“This funding from Bailador will allow us to maneuver extra quickly in direction of serving to thousands and thousands of individuals with healthcare entry by accelerating product improvement and worldwide enlargement,” Updoc co-founders and co-CEOs Dylan Coyne and Clifton Hodgkinson have been quoted as saying.
MARKET SNAPSHOT
Capital funding in telehealth corporations has slowed down lately following the top of the worldwide COVID-19 pandemic. In Australia, Sydney-based Eucalyptus final made a major increase, price $42 million, which went to its enlargement in the UK.
Different investments in Australian telehealth got here within the type of mergers and acquisitions. In 2022, Visionflex merged with ASX-listed 1st Group. Final 12 months, conglomerate Wesfarmers bought telehealth business InstantScripts for $91 million. Physician Care Wherever, which is now specializing in its core UK market, sold its Australian business GP2U Telehealth to My Emergency Doctor for $2 million.
